Reuters: Regulatory News: Credit Suisse looks to run U.S. exchange - WSJ

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Credit Suisse looks to run U.S. exchange - WSJ Oct 26th 2012, 03:09 Thu Oct 25, 2012 11:09pm EDT Oct 25 (Reuters) - Credit Suisse Group AG is trying to convert one of its trading venues into an exchange, which if successful, would create the only U.S. stock exchange owned outright by a major bank, the Wall Street Journal reported. The plan, which has not been made public, is taking shape amid heightened tensions between exchanges and brokers, which compete with each other for trades. Brokers also are big customers of exchanges. Daniel Mathisson, Credit Suisse's head of U.S. stock trading, has held preliminary talks with federal securities regulators and policy consultants, the Journal said, citing people involved in the discussions Mathisson and other bank executives confirmed the talks to the Journal. (h ttp://link.reuters.com/sed63t) The Swiss bank's plan centers on a trading platform called Light Pool, started last year. Light Pool is small, handling just a fraction of 1 percent of average U.S. daily stock trading volume. Credit Suisse is yet to file paperwork with regulators, the newspaper said. The Swiss bank could not immediately be reached for comment by Reuters outside regular U.S. business hours. Link this Share this Digg this Email Reprints

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