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Bear Stearns receives 40,000 FSA fine

The FSA is fining Bear Stearns International 40,000 for failing to report contracts for differences transactions.

During a review of trading, the FSA discovered that BSIL had inadvertently failed to report any of its CFD transactions to the FSA since August 2001, which is when the firm began to undertake CFD business.

The FSA says: “Accurate transaction reports are critical to the FSA’s ability to maintain confidence in the financial markets and reduce financial crime. “

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