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FINRA fines Merrill Lynch $6m

Wall Street Bull

The Financial Industry Regulatory Authority (FINRA) has announced that it has censured and fined Merrill Lynch Professional Clearing (Merrill Lynch PRO) $3.5m for violating Regulation SHO, an SEC rule that established a regulatory framework to govern short sales and prevent abusive naked short selling.



Closed Sign

Hedge fund to shut down Hong Kong office

Grupo BTG Pactual’s hedge fund unit is shutting down its Hong Kong office as it shrinks its operations following a slump in assets under management, two people with knowledge of the matter said.