FCA fines Deutsche Bank with £4.7m
Deutsche Bank AG London Branch (Deutsche) has been fined £4,718,800 by the Financial Conduct Authority (FCA) for incorrectly reporting transactions between November 2007 and April 2013.
Deutsche failed to properly report 29,411,494 Equity Swap CFD (contracts for difference) transactions. The failure, which affected all Deutsche’s Equity Swap CFD transaction reports in this period, breaches FCA rules on transaction reporting.
Tracey McDermott, the FCA’s director of enforcement and financial crime, said:
”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.”
Source: FCA
