Transaction reporting fines

In order to be able to monitor for market abuse effectively competent authorities need to receive complete and accurate information regarding the types of instruments, when and how they are traded, and who has traded them. 

A failure to submit complete and accurate transaction reports may result in regulatory action.

Below is a record of published transaction reporting fines.

Date

Investment firm fined

Reasoning

22/04/2015

Merrill Lynch International (MLI)

MLI is fined £13.2million for failing to report and incorrectly reporting transactions.  The fine reflects MLI’s failure to address the root causes over several years.

21/08/2014

Deutsche Bank AG

The London branch of Deutsche Bank AG is fined £4.7 million for failing to accurately report all of its Equity Swap CFD transaction reports.

16/07/2013

Royal Bank of Scotland (RBS)

RBS is fined £5.6 million for failing to report 37% of their relevant transactions and breaching their requirement to have adequate management controls.

20/08/2012

James sharp and Company

James Sharp is fined £49,000 for failing to report any of its reportable transactions.

17/10/2012

Plus500UK Limited

Plus500UK is fined £205,128 for failing to report and failing to report accurate.  The firm did not have appropriate systems and controls, documented procedures or appropriate training for staff.

20/01/2011

City Index Limited

City Index Limited is fined £490,000 for failing to provide accurate transaction reports and for failing to put in place a mechanism for ensuring the accuracy and validity of its transaction reports.

25/08/2010

Societe Generale

The London branch of Societe Generale (Soc Gen) is fined $1.57 million for failing to provide accurate transaction reports across all of its asset classes.

27/04/2010

Commerzbank AG

The London branch of Commerbank AG is fined £595,000 for failing to report and for providing inaccurate transaction reports.

08/04/2010

Instinet Europe Limited

Instinet is fined £1.05 million for failing to provide accurate transaction reports.  And, for not having adequate systems and controls in place to meet the transaction reporting requirements.  Instinet failed to take adequate steps to review its processes and the accuracy of it transaction reporting data.

08/04/2010

Getco Europe Limited

Getco is fined £1.4 million for failing to provide transaction reports promptly and correctly.

08/04/2010

Credit Suisse

Credit Suisse is fined £1.75 million for failing to provide accurate and timely transaction reports.

19/08/2009

Barclays Capital Securities Limited and Barclays Bank plc

Barclays is fined £2.45 million for failing to provide accurate transaction reports and for serious weaknesses in its systems and controls in relation to transaction reporting.

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