The Financial Conduct Authority has fined Merrill Lynch International (MLI) £34.5m for failing to report a number of exchange-traded derivatives transactions.
The regulator has fined the financial giant £34,524,000, after it was found MLI has failed to report 68.5 million exchange-traded derivative transactions between 12 February 2014 and 6 February 2016. The move marks the first enforcement action against a firm for failing to report details of trading in exchange-traded derivatives, under the European Markets Infrastructure Regulation (EMIR), which the FCA said reflects the importance it places on this type of reporting. This reporting requirement was one of the key reforms introduced following the financial crisis in 2008 to improve tra...
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