Deutsche Bank AG, Europe’s biggest investment bank, was fined 4.7 million pounds ($7.8 million) by the British markets regulator for failing to properly report millions of transactions.
A coding error reversed a buy/sell indicator, leading Deutsche Bank to improperly report on $29.4 million in transactions involving a type of swap in which the seller agrees to pay the buyer the difference between the current value of a stock, and its value when the contract is made. If the difference is negative, the buyer pays the seller. The swaps were made between November 2007 and April 2013, the Financial Conduct Authority said in a statement yesterday.
