Denver, CO, 06/04/2014 (Stocksntrade) – Bank of America Corp (NYSE:BAC) has said that it sent incorrect data to the United States regulator and that this had made the bank’s private stock trading-platform look much bigger than it really is. The FINRA or Financial Industry Regulatory Authority, 1 of the organizations which polices United States stock trading, for the 1st time published some data on the size of alternative-trading systems. BAC’s Instinct X turned out to be the biggest dark pool in this report for the week 12-18 may, just ahead of the markets that were operated by Credit Suisse, another major bank.
The largest banks
A day after FINRA reported the data on the actual size of alternative-trading systems for the 1st time; the lender said that it had made an error in the calculation of the volume that had been sent to the regulator, as per the report. The FINRA data for the week of 12-18 May showed that BAC with 428 million shares was the largest dark pool from all the major banks. Credit Suisse with 374 million shares was next and then came Barclays & UBS. As per a spokesman from the Bank of America Corp (NYSE:BAC), the bank now expects its volume to be axed roughly by 50% once it has been correctly calculated.
Less transparency in alternative system
The dark pools refer to the trading venues that keep the trading information private until their trades have actually been completed. Critics of the alternative-trading systems have always said that the platforms make the markets less transparent. The initial report indicated that the BAC dark pool had handled 428 million shares, which made it the largest United States alternative-trading system. This was not BAC’s 1st data error in 2014. Bank of America Corp (NYSE:BAC) dropped 0.335 in Tuesday’s trading to close at $ 15.21.