Credit Suisse Rule 606 Disclosure Fails To Identify Who's Receiving 47% Of The Banks' Total Orderflow

Following the introduction of Reg-NMS in 2007, the SEC required trading centers to list the full breakdown of which venues receive what percentage of various order types.

Credit Suisse, which was recently fined along with Barclays for a lack of accurate representation to clients of how their dark pools work, reported its most recent Rule 606 data and left one venue identifier blank.

In Q4 2015, Credit Suisse reported 47.72 percent of its total non-directed orders routed to an unidentified exchange.

The SEC introduced Rule 606 to create more transparency into the fragmented make up of U.S. market centers. The question now is, who was receiving these orders?

Inquires to the SEC and Credit Suisse have not been returned at time of publishing.