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SFC fines Merrill HK$3.5m for systems and controls failures

The Securities and Futures Commission (SFC) has fined Merrill Lynch HK$3.5m (US$550,000) for systems and controls failings associated with the mis-marking activities in a trading book. The SFC’s investigation found that during the period from December 2007 to October 2008, a managing director of Merrill Lynch had mismarked a trading book in exotics options by manipulating the volatility marks in…

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