Commerzbank fined £595k for transaction reporting failures

Commerzbank either failed to report, or reported inaccurately, almost all of its reportable transactions for two years, says the regulator. This is despite being sent "constant reminders" of the importance of complying with rules on transaction reporting. The bank failed to submit correct transaction reports in respect of approximately 1.03 million transactions, says the FSA - an estimated 94% of the firm's reportable transactions during that period. The FSA adds it uses transaction data - required by close of business the day after a trade is executed - to investigate market abuse, i...