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June 16, 2014

Bank of America Says Mistake Inflated Reported Size of Dark Pool

Bank of America Corp. (BAC) said it sent incorrect data to a U.S. regulator that made its private stock trading platform look bigger than it actually is.

“The Financial Industry Regulatory Authority, one of the organizations that polices U.S. stock trading, yesterday for the first time published data on the size of alternative trading systems. Bank of America’s Instinct X was the biggest dark pool in the report for the week of May 12-18, just ahead of markets run by Credit Suisse Group AG (CSGN) and Barclays Plc. (BARC)

“Bank of America made an error calculating the volume it sent to the regulator, according to Zia Ahmed, a spokesman for the Charlotte, North Carolina-based bank. The company sent a correction to Finra and expects the adjustment to cut its volume roughly in half, the spokesman said. George Smaragdis, a Finra spokesman, declined to comment.”

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Read full Bloomberg article here

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