Bank of America's electronic stocks desk has halted trading with a desk at Credit Suisse that uses computer-led strategies, 'out of an abundance of caution effective today,' an email seen by Reuters on Monday said.
website. The U.S. Securities and Exchange Commission website calls the ATS Crossfinder a "dark pool."On Sunday, the 167-year old Swiss lender was subsumed into its larger rival UBS
, which agreed to pay 3 billion Swiss francs for Credit Suisse in a package engineered by Swiss regulators.The Credit Suisse was backed by a massive Swiss government guarantee, helping prevent what would have been one of the largest banking collapses since the fall of Lehman Brothers in 2008.260 billion francs in liquidity lines and guarantees to UBS to help smooth the takeover as Credit Suisse clients and counterparties reassess their relationship with the stricken lender.
The deal will also make UBS Switzerland's only global bank and the Swiss economy more dependent on a single lender. Reporting by Nell Mackenzie and Lananh Nguyen; Editing by Dhara Ranasinghe; Editing by David Gregorio
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