Bank of America Corp.’s Merrill Lynch was fined 34.5 million pounds ($45.5 million) by the UK’s Financial Conduct Authority (FCA) for failing to report 68.5 million exchange-traded derivative transactions during 2014-2016.
That makes it the first UK bank to pay a penalty on failing to report trades in exchange-traded derivatives under the European Markets Infrastructure Regulation. Thus, the FCA stated the importance of this type of reporting.
Earlier in 2015, Merill Lynch International faced a fine for incorrectly reporting 35 million transactions and failing to report 121,000 of others. The bank has been violating the provision from November 2007 to November 2014. In 2008, Merrill Lynch was acquired by Bank of America in a $50 billion deal.
The FCA has penalized Barclays, City Index, Commerzbank, Credit Suisse, Deutsche Bank, Instinet, Getco, Societe Generale, James Sharp & Co, Plus500UK and Royal Bank of Scotland (RBS) for similar violations.