FINRA fines Merrill Lynch $2.8 million for reporting violations
Elizabeth Dilts
Reuters, 18 October 2016
The Financial Industry Regulatory Authority fined Bank of America’s Merrill Lynch $2.8 million on Tuesday for what it called systemic violations in record-keeping and how the firm reported trades and order audit trail system data.
The allegations involve trade and order audit data that brokerages submit to FINRA, and which the regulator uses to detect, among other things, possible market manipulation.
