Deutsche Bank fined by UK regulator

By Dow Jones newswires

Nearly a dozen banks and financial firms have been fined in the past several years by the FCA and its predecessor, the Financial Services Authority, over transaction reporting failures. "There is simply no excuse for Deutsche's failure to get this right," FCA's Director of Enforcement and Financial Crime Tracey McDermott said. "Other firms should be in no doubt about our continued focus on this issue.

A Deutsche Bank spokeswoman said the coding problem was identified in March 2013. "We immediately undertook a complete review of our transaction reporting systems to rectify the problem and strengthen our control framework," she said in an emailed statement.

An examination by the Federal Reserve Bank of New York found that Deutsche Bank's giant US operations suffer from a litany of serious financial-reporting problems that the lender has known about for years but not fixed, The Wall Street Journal reported in July, citing documents from late last year that it reviewed.

Deutsche Bank AG's London branch was fined £4. 7 million ($US7. 8 million) on Thursday by the UK's Financial Conduct Authority for putting the wrong buy and sell markers on millions of transactions in regulatory reports.

The markets watchdog said around 29. 4 million equity derivative contracts written by the bank between November 5, 2007 and April 19, 2013 were misreported, indicating "buy" when they should have said "sell" and "sell" when they should have said "buy.

Read more here: Business Spectator

    

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