BAML first in FCA firing line but EMIR problems endemic

The FCA has imposed its first fine for failure to report derivatives trades under the European Markets Infrastructure Regulation (EMIR) — but endemic cultural issues in large banks suggest it won’t be the last.

  • By Nell Mackenzie
  • 23 Oct 2017

The UK watchdog fined Bank of America Merrill Lynch £34.5m for failure to report 68.5m transactions over two years. 

Mark Steward, FCA executive director of enforcement and market oversight, stressed the importance of bank transparency required under current regulations, including EMIR and MiFID. 

“There needs to be a ...

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All International Bonds

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3 Bank of America Merrill Lynch 189,733.81 635 7.12%
4 Barclays 167,856.79 593 6.30%
5 HSBC 149,306.51 684 5.60%

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3 UniCredit 21,895.45 101 5.11%
4 Credit Agricole CIB 21,885.13 102 5.11%
5 SG Corporate & Investment Banking 21,814.64 83 5.09%

Bookrunners of all EMEA ECM Issuance

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1 Goldman Sachs 9,508.41 44 8.72%
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3 Citi 7,634.33 42 7.00%
4 UBS 5,950.83 20 5.46%
5 Deutsche Bank 5,145.17 32 4.72%