Hong Kong's Securities and Futures Commission SFC has fined Merrill Lynch Asia Pacific Limited and Merrill Lynch Futures Hong Kong Limited HK$3.5 million $450,000 for systems and controls failings associated with mis-marking activities in a trading book.
A spokesman at Bank of America Merrill Lynch declined to comment.
The problems occurred from December 2007 to October 2008, shortly before Merrill was acquired in a shotgun wedding by Bank of America. An unidentified managing director at Merrill had...