The UK’s Financial Services Authority has hit Credit Suisse and two other financial services firms with fines totalling £4.2 million for failing to report trading data in a timely fashion as required by banking regulations.
Credit Suisse, the largest of the organisations penalised by the regulator, was handed a £1.75 million fine failing to submit reporting data on time on multiple occassions, despite repeated warnings during 2007 and 2008.
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Electronic trading firm Getco Europe and broker Instinet Europe were given £1.40 million and £1.05 million penalties respectively for similar offences. Instinet was also judged to have insufficient controls over the accuracy of its trading data.
“Without quality data we cannot properly detect and investigate market abuse, identify market wide risks or have a comprehensive understanding of the activities of each firm,” explained FSA director of markets, Alexander Justham. “This data is vital in our efforts to combat financial crime and we will continue to pursue firms that fail to provide quality data.”
Financial trading organisations are required to disclose transactional data by law so that the FSA can detect such market abuse as insider trading and market manipulation.
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