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FCA fines Deutsche Bank £4.7m for reporting failures

The FCA has fined Deutsche Bank £4.7m for failing to report transactions.

Between November 2007 and April 2013, the bank failed to properly report 29.4 million equity swap contracts for difference transactions.

This failure affected all of its equity swap CFD transactions in this period, and breached the FCA rules on transaction reporting.

FCA director of enforcement and financial crime Tracey McDermott says there is “no excuse” for the rule breach.

She says: ”Effective market surveillance is critical to maintain the integrity of our markets and depends on accurate and timely reporting of transactions.

“Deutsche is a major market participant responsible for reporting millions of transactions every year. We have repeatedly highlighted the importance of accurate transaction reporting and taken enforcement action against a number of firms.

“There is simply no excuse for Deutsche’s failure to get this right. Other firms should be in no doubt about our continued focus on this issue.”

The FCA says it uses transaction reports in a number of ways, including identifying and investigating suspected market abuse.

It says it is particularly concerned about Deutsche’s actions because it has provided extensive guidance to firms on the issue and gave the bank a private warning in June 2010 in relation to similar transaction reporting failures.

The FCA says: “The size of the fine reflects the very significant number of misreported transactions.”


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There are 2 comments at the moment, we would love to hear your opinion too.

  1. I wonder how much banks now accept that a regular FCA fine is inevitable & build this into their cost base which of course means customers pay?

  2. FCA director of enforcement and financial crime Tracey McDermott says there is “no excuse” for the rule breach.

    BUT it is OK for her colleagues, Linda Woodall and Simone Ferreira of the FCA, to mislead MP’s and Ministers at an All Party Parliamentary Group investigating the Capita failed Connaught Income Fund fraud?

    One reads with mounting horror of the double standards applied by this organisation. By its actions it is clearly demonstrating that it is bloated, dysfunctional and simply not fit for purpose. Time to change the law.

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