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Merrill Lynch Fined $45 Million by U.K. for Failing to Report Transactions

  • Bank didn’t report 68.5 million transactions in 2-year period
  • Fine is the first of its kind under EU transparency rules
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Bank of America Corp.’s Merrill Lynch was fined 34.5 million pounds ($45.5 million) for failing to report two years’ worth of exchange traded derivatives transactions, making the bank the first in the U.K. to pay a penalty on that type of trades under the European Markets Infrastructure Regulation.

The bank failed to report 68.5 million exchange traded derivative transactions, starting in Feb. 2014, the U.K.’s Financial Conduct Authority said Monday. European transparency rules came into force from 2012 to reduce risks in the derivatives market, and force banks to report the trades. Bank of America cut the fine by settling at an early stage of the probe.