British financial regulator fines Deutsche Bank £4.7m

GMT 09:47 2014 Friday ,29 August

Arab Today, arab today British financial regulator fines Deutsche Bank £4.7m

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London - XINHUA

Deutsche Bank AG London Branch has been fined 4.7 million pounds (7.8 million U.S. dollars) by a British financial watchdog for incorrectly reporting transactions between November 2007 and April 2013.
Deutsche Bank, headquartered in Frankfurt, failed to properly report more than 29 million Equity Swap contracts for difference (CFD) transactions, said the Financial Conduct Authority (FCA) Thursday.
The regulator claimed that the failure, which affected all Deutsche Bank's Equity Swap CFD transaction reports in the period, breaches the FCA rules on transaction reporting. And the bank previously received a private warning from the regulator relating to similar transaction reporting failures.
Tracey McDermott, director of enforcement and financial crime at the FCA, said: "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 Bank's failure to get this right, other firms should be in no doubt about the FCA's continued focus on this issue, stressed McDermott.
Deutsche Bank agreed to settle at an early stage of the investigation, and received a 30 percent reduction of the fine, noted FCA.

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