According to Credit Suisse, the Bank of America will no longer send trades to Credit Suisse's ATS Crossfinder That trading platform that matches buy and sell orders for the same securities. The ATS Crossfinder is called a dark pool, according to the U.S. Securities and Exchange Commission website. On Sunday, the 167-year old Swiss lender was subsumed into its larger rival UBS, which agreed to pay 3 billion Swiss francs $3.23 billion for Credit Suisse in a package engineered by Swiss regulators.
The rescue of Credit Suisse was backed by a Swiss government guarantee that helped prevent what would have been one of the largest banking collapses since the fall of Lehman Brothers in 2008.
Switzerland has pledged 260 billion francs in liquidity lines and guarantees to UBS to help smooth the takeover as Credit Suisse clients and counterparties assess their relationship with the stricken lender.
The deal will make Swiss economy and the UBS Switzerland's only global bank more dependent on a single lender.