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Credit Suisse Securities settles with FINRA for trade surveillance lapses

The logo of Swiss bank Credit Suisse is seen the day after its shares dropped approximately 30%, on March 16, 2023 at its Oerlikon office building in Zurich, Switzerland. Credit Suisse has reportedly asked the Swiss government for support following the refusal of a Saudi backer to provide any more money. The sharp drop in share price sent shares of other major European banks down. The disruption is coming on the heels of the failure of Silicon Valley Bank in the USA.
Photo: Arnd Wiegmann/Getty Images

Julie DiMauro

4 min read
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Technology issues and lax supervisory procedures allegedly led to “hundreds of millions” of trade, order and position records being omitted from its surveillance systems.

Credit Suisse Securities (USA) LLC, a broker-dealer firm and a subsidiary of the former global financial firm Credit Suisse Group, just settled an acceptance, waiver and consent (AWC) with FINRA for failures related to its supervisory systems and procedures regarding manipulative and insider trading.

The firm was censured and fined

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