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FSA Penalizes Commerzbank For Failures In Transaction Reporting

Financial Services Authority (FSA) has fined the London branch of Commerzbank GBP595,000 for failing to provide accurate transaction reports to it.

Firms are required to ensure they submit accurate data for reportable transactions by close of business the day after a trade is executed. The FSA uses this data to detect and investigate suspected market abuse: insider trading and market manipulation.

According to FSA, for two years Commerzbank either failed to report or reported inaccurately almost all of its reportable transactions.

Commerzbank has agreed to settle the issue at an early stage. In doing so it qualified for a 30% discount. Without the discount the fine would have been GBP850,000.

Alexander Justham, director of markets, said: “Complete and accurate transaction reports are an essential component of the FSA’s market monitoring work. Commerzbank’s reporting failures could have a damaging impact on our ability to detect and investigate suspected market abuse. Firms and their management must ensure they submit quality transaction reporting data.”