US regulator slaps fine on Merrill Lynch for ETN shortcomings

Merrill Lynch has agreed to pay a US$450,000 fine, neither admitting nor denying  the watchdog’s findings. The issue involved the investment bank’s relocation of some employees involved with marketing third-party exchange-traded notes (ETNs) in 2013 to work alongside colleagues from the ‘private’ capital-markets end of the ETN business, according to Finra. The fine includes US$90,000 which will be paid to  Finra  and US$360,000 which is to be paid to four