With recent regulatory fines totalling over $150 million against Credit Suisse and Barclays stemming from their operation of Alternative Trading Systems (ATS), big penalties have reached equities trading, an area that had been spared the more extravagant fines we have witnessed in other segments in financial services.
Four cases in particular stand out: Barclays, Credit Suisse, Investment Technology Group (ITG), and UBS. All of these firms have received fines in excess of $10 million, with Credit Suisse setting a new record fine in excess of $80 million in early 2016.
Figure 1. Timeline of fines against ATS Operators
