Britain’s financial watchdog said it had fined Bank of America’s Merrill Lynch £34.5 million for failing to report 68.5 million exchange traded derivative transactions between February 2014 and 2016.

"This is the first enforcement action against a firm for failing to report details of trading in exchange traded derivatives, under the European Markets Infrastructure Regulation and reflects the importance the FCA puts on this type of reporting," the Financial Conduct Authority said in a statement.

Reuters