Merrill Lynch Fined $2.5 Million Over Supervision Violations

[kreslik.news]

Merrill Lynch, Pierce, Fenner & Smith Inc today settled charges brought by the Commodity Futures Trading Commission (CFTC) related to the firm’s handling of the CME Group’s investigation into futures block trade execution and recordkeeping practices.

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The U.S. regulator said Friday it has ordered the broker-dealer affiliate of Bank of America to pay a $2.5 million civil penalty to settle allegations that it failed to properly supervise its employees which potentially allowed them to trade ahead of futures ... (read more)