According to the SEC’s order, Credit Suisse created the RES desk to execute orders for other broker-dealers that handle order flow on behalf of retail investors. The SEC’s order finds that although RES promoted its access to dark pool liquidity to customers, the firm executed an exceedingly minimal number of held orders–orders that must be executed immediately at the current market price–in dark pools from September 2011 to December 2012.

The SEC’...

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