Credit Suisse Plans Market for Long-Term Investors
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Credit Suisse Securities, the broker that runs the world’s largest equities dark pool, will begin operating a stock market by the end of March, according to Dan Mathisson, head of the firm’s electronic trading unit.
The venue, Light Pool, will be the first U.S. electronic communications network to be started in five years. The ECN is aimed at institutional investors such as mutual funds, hedge funds, pensions and endowments. Unlike existing exchanges, Light Pool will employ a system to classify users by how they trade as a way to set prices and keep out unwanted speculators.