NEW YORK (TheStreet) -- Bank of America says it mistakenly inflated the size of its dark pool and reported the incorrect information to the Financial Industry Regulatory Authority, according to Bloomberg.
Bank of America (BAC) said it mistakenly inflated the size of its dark pool and reported the incorrect information to the Financial Industry Regulatory Authority, according to Bloomberg.Just a day after Finra reported data on the size of alternative trading systems for the first time, Bank of America said it made an error in calculating the volume it sent to the regulator, according to the report. Finra's data for the week of May 12-18 showed that Bank of America's Instinct X was the biggest dark pool of the major banks, handling 428 million shares. The second largest U.S. alternative trading system was shown to be Credit Suisse (CS), with 374 million shares, followed by Barclays (BCS) and UBS (UBS). According to a Bank of America spokesman quoted in the report, the bank expects its volume to be cut roughly in half once correctly calculated. Dark pools refer to trading venues that keep trading information private until the trades have been completed. Critics of alternative trading systems have said the platforms make markets less transparent. In New York, I'm Brittany Umar for TheStreet. -- Written by Brittany Umar in New York.