Bank of America’s Merrill Lynch hit with $45.5 million fine by U.K. regulator

Marketwatch:

Bank of America’s Merrill Lynch has been hit with a £34.5 million ($45.5 million) fine by U.K. regulators for failing to report 68.5 million exchange traded derivative transactions between February 2014 and February 2016. The Financial Conduct Authority said Monday the reporting requirement was one of the “key reforms” introduced after the financial crisis to improve transparency. “There needs to be a line in the sand. We will continue to take appropriate action against any firm that fails to meet requirements,” said Mark Steward, FCA executive director of enforcement and market oversight, in a press release.

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