Credit Suisse has been fined £1.75m by the Financial Services Authority for failing to provide accurate and timely transaction reports.
Financial institutions are required to have systems and controls in place to ensure they submit accurate data for reportable transactions by close of business the day after a trade is executed. This data is used to check for market abuse such as insider trading and market manipulation.
"Firms and their management must ensure they implement and operate systems and controls that are able to ensure quality transaction reporting. The standard of regulatory reporting by these firms fell far short of what the FSA expects and requires," said Alexander Justham, director of markets at the FSA.
Along with Credit Suisse, the FSA also fined Getco, a market maker trading on electronic markets, £1.4m, and agency broker Instinet £1.05m.