UK financial watchdog fines Merrill Lynch for failing to report transactions

Britain's financial watchdog has fined Merrill Lynch International £34.5m for failing to report 68.5m exchange traded derivative transactions, in what the watchdog said was the first fine of its kind.

The Financial Conduct Authority said the fine was related to unreported transactions that took place between February 12, 2014 and February 6, 2016 and was the first enforcement against a firm for this kind of activity under the European Markets Infrastructure Regulation (EMIR).