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Merrill Lynch Fined £13.2 million ($19.8 million) for 35 Million Compliance Lapses

Jaclyn Jaeger | April 22, 2015

The U.K.’s Financial Conduct Authority today fined Merrill Lynch International a record £13.2 million ($19.8 million) for inaccurately reporting more than 35,034,810 transactions and for failing to report another 121,387 transactions over several years. The size of the fine marks the highest ever imposed for transaction reporting failures.

Under FCA rules, transaction reports must include, but is not limited to, details of the product traded, the firm that undertook the trade, the trade counterparty, and the trade characteristics—such as buy/sell indicator, price, quantity, and trading venue.

According to the FCA, Merrill Lynch failed on numerous occasions between 2007 and 2014 to accurately report millions of transactions. This misconduct continued, despite a poor history of transaction reporting compliance, consisting of a Private Warning...

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