Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Bank of America's broking arm Merrill Lynch fined £34.5mln by UK financial regulator

The Financial Conduct Authority said the fine was imposed because Merrill Lynch failed to report 68.5mln exchange traded derivative transactions between February 2014 and February 2016
Merrill Lynch logo
The FCA said Merrill Lynch received a 30% discount on the overall fine after agreeing to settle at an early stage

Bank of America Corp’s (NYSE:BAC) broking arm Merrill Lynch has been fined £34.5mln (US$45.5mln) by the UK’s financial regulator.

The Financial Conduct Authority (FCA) said the fine was imposed because Merrill Lynch failed to report 68.5mln exchange traded derivative transactions between February 2014 and February 2016.

In a statement, the UK watchdog said:  “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 and reflects the importance the FCA puts on this type of reporting.”

Mark Steward, the FCA’s  executive director of enforcement and market oversight, added: “"There needs to be a line in the sand. We will continue to take appropriate action against any firm that fails to meet requirements."

The FCA said Merrill Lynch received a 30% discount on the overall fine after agreeing to settle at an early stage.

View full BAC profile View Profile

Bank of America Timeline

Related Articles

different currencies
January 11 2018
The decision to complement its retail offering with a corporate service is quite literally paying off
cash
March 13 2018
RM Secured Direct Lending said it continues to see a "number of bespoke, higher-yielding lending opportunities to established businesses that offer attractive returns"
Russia picture
June 04 2018
The bulk of overall exposure is in credit and government bonds followed closely by equities

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use