FSA fines Credit Suisse for mis-marking
The UK Financial Services Authority has fined Credit Suisse £5.6 million for failing to stop mis-pricing by some of its structured credit traders.
The bank reported in February that it was taking a $2.85 billion writedown on its exposure to US subprime-related securities, specifically collateralised debt obligations of residential mortgage-backed securities. The trading team failed to update its pricing to take account of sharp drops in the portfolio's market value in the first quarter of the
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