Britain's Financial Services Authority (FSA) has fined a bank, a market maker and an agency broker 4.2 million pounds (R47 million) for failing to provide accurate and timely data that could help detect market abuse.
The FSA said on Thursday Swiss bank Credit Suisse would pay 1.75 million pounds, Getco, a privately-held market maker trading on electronic markets, 1.4 million pounds and Instinet, an agency broker owned by Nomura Holdings Inc, 1.05 million pounds.
The FSA, which is stepping up efforts to clamp down on market abuse, said the companies had failed to meet requirements to submit accurate data for reportable transactions by the close of business the day after a trade was executed.
"This data is vital in our efforts to combat financial crime and we will continue to pursue firms that fail to provide quality data," said Alexander Justham, director of markets at the FSA.
"The standard of regulatory reporting by these firms fell far short of what the FSA expects and requires."
The FSA the firms had ignored repeated reminders during 2007 and 2008 to review their data regularly. However they cooperated fully with the investigation and have taken steps to improve their processes, resolve errors and resubmit reports to the FSA where necessary, it noted.
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