UK watchdog fines Deutsche Bank $8 million

Britain's financial regulator has fined Deutsche Bank AG (DBKGn.DE) 4.7 million pounds ($8 million) for wrongly reporting certain market transactions for nearly six years. The Financial Conduct Authority said in a statement on Thursday the bank failed to accurately report all the contract-for-difference (CFD) equity swaps, totalling 29 million, it executed between November 2007 and April 2013. CFDs allow a buyer to trade on movements in a market price without actually owning the underlying asset. Such trades must be reported to a regulator under European Union law. ‘We have repeatedly highlighted the importance of accurate transaction reporting and taken enforcement action against a number of firms,’ Tracey McDermott, director of enforcement at the FCA, said. ‘There is simply no excuse for Deutsche's failure to get this right. Other firms should be in no doubt about our continued focus on this issue,’ McDermott said. The regulator previously issued Deutsche with a private warning about similar transaction reporting failures, the FCA said, according to Reuters.