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Bank of America Admits Error in Calculating Size of its Dark Pool

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 a report by Bloomberg. Just a day after Finra reported data on the size of alternative trading systems for the first time, Bank of America says 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. According to a Bank of America spokesman quoted in the report, the bank expects its volume to be cut roughly in half.