UK fines Merrill Lynch $45.5 mn for breaking reporting rule
The UK's financial regulator has fined Bank of America's Merrill Lynch $45.5 million for failing to report two years' worth of exchange traded derivatives transactions. The bank failed to report 68.5 million such transactions between February 2014 and February 2016. Merrill Lynch's fine was reduced by 30% because the bank agreed to settle at an early stage, the regulator said.