September 22, 2017 / 3:55 PM / in a month

CFTC orders Bank of America broker-dealer unit to pay $2.5 mln penalty

WASHINGTON, Sept 22 (Reuters) - The Commodity Futures Trading Commission ordered Merrill Lynch, Pierce, Fenner & Smith Incorporated to pay a $2.5 million civil penalty for failing to properly supervise its traders and for record keeping violations in 2010.

The broker-dealer affiliate of Bank of America was found by the regulator to have insufficient policies to ensure traders maintained accurate records for futures block trades. (Reporting by Pete Schroeder; editing by Grant McCool)

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