The fine represents a hardened stance by the FCA and its first enforcement action against a firm for an EMIR lapse.
The UK’s Financial Conduct Authority (FCA) has taken its first enforcement action against a firm for improperly reporting details of trading in Exchange traded derivatives under EMIR. This shows the hardened stance that the FCA is taking towards these type of reporting obligations, resulting in a £34.5 million fine against Merrill Lynch International.
Under the European Markets Infrastructure Regulation (EMIR), firms have obligations to properly report details of trading in exchange traded derivatives. This reporting is instrumental for oversight as it helps authorities assess and address any inherent levels of risk across financial systems.
Mark Steward, FCA Executive Director of Enforcement and Market Oversight, commented: "Effective market oversight depends on accurate and timely reporting of transactions. The obligations under EMIR, as with MiFID, are key aspects of such oversight.”
The reporting requirement is nothing new and was initially implemented as a reform following the financial crisis in 2008 to improve transparency within the financial markets. In an effort to sharpen its teeth, the FCA’s inaugural action is a sizeable fine against Merrill Lynch International.
In particular, the group was fined £34,524,000 for failing to report 68.5 million exchange traded derivative transactions between February 12, 2014 and February 6, 2016. The size of the fine was influenced by Merrill Lynch International’s previous transaction reporting cases. Its most previous episode from the FCA drew swift cooperation from the group however.
“It is vital that reporting firms ensure their transaction reporting systems are tested as fit for purpose, adequately resourced and perform properly. There needs to be a line in the sand. We will continue to take appropriate action against any firm that fails to meet requirements,” Mr. Steward explained.
Despite the hefty fine, Merrill Lynch International actually received a 30 percent reduction of the overall penalty. This was due in part to the group settling at an early stage of the investigation – absent this consideration, the total fine would have amounted to £49,320,000.
“This is lot bigger fine than expected, and well above the MiFID I fines that topped out in the tens of millions of dollars. EMIR has been around for nearly four years and everyone kept asking if market participants are actually about to get punished for incorrect reports. Although it took nearly four years, the FCA is showing that they take look at trading information seriously and value the data,” noted Ron Finberg, who oversees business development at Cappitech.
The UK’s Financial Conduct Authority (FCA) has taken its first enforcement action against a firm for improperly reporting details of trading in Exchange traded derivatives under EMIR. This shows the hardened stance that the FCA is taking towards these type of reporting obligations, resulting in a £34.5 million fine against Merrill Lynch International.
Under the European Markets Infrastructure Regulation (EMIR), firms have obligations to properly report details of trading in exchange traded derivatives. This reporting is instrumental for oversight as it helps authorities assess and address any inherent levels of risk across financial systems.
Mark Steward, FCA Executive Director of Enforcement and Market Oversight, commented: "Effective market oversight depends on accurate and timely reporting of transactions. The obligations under EMIR, as with MiFID, are key aspects of such oversight.”
The reporting requirement is nothing new and was initially implemented as a reform following the financial crisis in 2008 to improve transparency within the financial markets. In an effort to sharpen its teeth, the FCA’s inaugural action is a sizeable fine against Merrill Lynch International.
In particular, the group was fined £34,524,000 for failing to report 68.5 million exchange traded derivative transactions between February 12, 2014 and February 6, 2016. The size of the fine was influenced by Merrill Lynch International’s previous transaction reporting cases. Its most previous episode from the FCA drew swift cooperation from the group however.
“It is vital that reporting firms ensure their transaction reporting systems are tested as fit for purpose, adequately resourced and perform properly. There needs to be a line in the sand. We will continue to take appropriate action against any firm that fails to meet requirements,” Mr. Steward explained.
Despite the hefty fine, Merrill Lynch International actually received a 30 percent reduction of the overall penalty. This was due in part to the group settling at an early stage of the investigation – absent this consideration, the total fine would have amounted to £49,320,000.
“This is lot bigger fine than expected, and well above the MiFID I fines that topped out in the tens of millions of dollars. EMIR has been around for nearly four years and everyone kept asking if market participants are actually about to get punished for incorrect reports. Although it took nearly four years, the FCA is showing that they take look at trading information seriously and value the data,” noted Ron Finberg, who oversees business development at Cappitech.
Institutional FX Demand Continues to Climb in April
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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