Commerzbank hit with £595,000 fine

BRITAIN'S financial regulator has fined the London arm of Commerzbank £595,000 over the German bank's failure to submit accurate data on trading that could help detect market abuse. It is the fifth institution to be hit with a levy over transaction reporting by the Financial Services Authority, which is stepping up efforts to clamp down on market abuse.

The FSA fined Credit Suisse 1.75 million over a similar issue earlier this month and Barclays 2.45m last year.

Commerzbank said it had fully co-operated with the FSA and is deeply committed to meeting its regulatory obligations.