The FSA has fined Credit Suisse £2.5m - reduced to £1.75m due to early settlement - for failing to submit accurate transaction reports.
The investment bank failed to submit accurate data on about 40 million separate transactions - including 30 million on the London Stock Exchange (LSE) - in a 12 month period from November 2007. Market trader Getco and agency broker Instinet were also fined a total of £2.45m, taking the total FSA penalty to £4.2m. The City regulator says it uses transaction data to detect and investigate suspected market abuse, insider trading and market manipulation. "Without quality data we cannot properly detect and investigate market abuse, identify market wide risks or have a comprehensive und...
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