UK fines Credit Suisse, others 4.2 mn pound

The UK financial regulator has imposed a fine of 4.2 million pounds on three entities, including Swiss banking major Credit Suisse, for failing to provide accurate trade transaction reports.

Apart from Credit Suisse, the regulator has fined market maker Getco Europe and agency broker Instinet Europe.

The Financial Services Authority has penalised these companies for "failing to provide accurate and timely transaction reports" to it.

FSA said that Credit Suisse has to pay 1.75 million pounds, while Getco Europe and Instinet Europe have to shell out 1.4 million pounds and 1.05 million pounds, respectively.

"All three firms were found to have committed multiple breaches that resulted in failures to provide transaction reports promptly and correctly to the FSA," the regulator said in a statement.

Companies are required to submit accurate data for reportable transactions by close of business the day after a trade is executed. The information is used by the FSA to detect frauds like insider trading and market manipulation.

"The standard of regulatory reporting by these firms fell far short of what the FSA expects and requires," FSA Director (Markets) Alexander Justham said.

The three firms cooperated during the investigation, which qualified them for a 30 per cent discount on the fine. Without the discount, the penalty would have been six million pounds, the statement added.