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FCA fines Merrill Lynch £34.5m for derivatives failures

Regulator warns accurate reporting is the only way it can ensure effective market oversight

FCA fines Merrill Lynch £34.5m for derivatives failures
Photo: Ben Phillips

Merrill Lynch International has been fined more than £34.5m by the Financial Conduct Authority for failing to report 68.5 million exchange-traded derivative transactions over two years.

The regulator said that the fine, the first it has levied under the European Markets Infrastructure Regulation, demonstrated the importance it places upon this type of reporting, ahead of new rules on trading arriving in the bloc in January.

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