FCA fines Merrill Lynch £34.5 million for failing to report transactions
The fine was reduced from £49m as ML responded quickly to the issue. It appears their EMIR reporting approach for ETD didn't actually work or go-live from the start of EMIR reporting on 12th Feb 2014 until nearly 2 years later. Ouch - Bill.
Merrill Lynch International (MLI) has been fined £34,524,000 by the Financial Conduct Authority (FCA) for failing to report 68.5 million exchange traded derivative transactions between 12 February 2014 and 6 February 2016.