UK: Merrill Lynch fined for millions of reporting errors
23 Oct 2017

The Financial Conduct Authority (FCA) has fined US banking giant Bank of America Merrill Lynch (BAML) £34.5m for failing to disclose millions of exchange traded derivative transactions.

Since the financial crisis the regulator requires transactions of that kind to be declared as it believes it allows it to measure the level of risk in the financial system.

This is 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).

An exchange traded derivative is a financial instrument which is valued based on the value of another asset and that trades on a regulated exchange.

Count this content towards your CPD minutes, by signing up to our CPD Wallet


You must be logged in to post a comment.

This site uses Akismet to reduce spam. Learn how your comment data is processed.