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Credit Suisse shutters US alternative Light Pool trading platform

Credit Suisse Group AG shuttered its U.S. alternative trading system Light Pool on Nov. 18, amid rising costs brought about by increased regulatory scrutiny, Reuters reported Dec. 13, citing a spokeswoman for the bank.

The Swiss lender closed the stock trading platform following a review of its algorithmic trading offerings, but does not intend to close Crossfinder, another U.S. alternative trading system, the spokeswoman told Reuters.

Light Pool was established as an electronic network that displays orders to clients, while Crossfinder, the No. 2 alternative trading system in the U.S., is a so-called dark pool that allows anonymous trading by displaying information only after trades are complete, the news agency noted.

Credit Suisse unit Credit Suisse Securities (USA) LLC, along with Barclays Plc unit Barclays Capital Inc., reached settlements with the SEC and the New York attorney general's office in January over violations of securities laws while operating their dark pools, with the banks paying out $84.3 million and $70 million, respectively.