FCA fines Merrill Lynch International for transaction reporting failures


The Financial Conduct Authority (FCA) fines Merrill Lynch International £13,285,900 for incorrectly reporting 35,034,810 transactions and failing to report another 121,387 transactions between November 2007 and November 2014. The fine is the largest to date from the FCA for transaction reporting failures.

"Proper transaction reporting really matters. Merrill Lynch International has failed to get this right again – despite a Private Warning, a previous fine, and extensive FCA guidance and enforcement action in this area. The size of the fine sends a clear message that we expect to be heard and understood across the industry" said Georgina Philippou, the acting director of enforcement and market oversight for the FCA.

"Accurate and timely reporting of transactions is crucial for us to perform effective surveillance for insider trading and market manipulation in support of our objective to ensure that markets work well and with integrity."

More here: http://fca.org.uk/news/fca-fines-merrill-lynch-international-for-transaction-reporting-failures