Merrill Lynch becomes the fourth market maker to be onboarded since July last year, as well as being the first international market maker to conduct market making activities on Saudi equities.
According to the SEC, between May 2016 and July 2020, Merrill Lynch charged a markup or markdown on foreign currency exchanges, however, it did not disclose an additional fee it referred to as production credit.
Brian Schwieger and former Merrill Lynch EMEA execution services director Tony Walker will help shape the business direction at BTON Financial.
Merrill Lynch Commodities admitted the illegal activity following an investigation by the US Department of Justice and the CFTC.
Former chief executive for EMEA, APAC at Columbia Threadneedle to succeed Mark Zinkula later this year.
System errors saw Merrill Lynch report millions of inaccurate transactions to US regulator.