NEW YORK (TheStreet) -- Shares of Deutsche Bank (DB) are lower by -2.02% to $34.37 in early afternoon trading, after the financial institution was fined $8 million (4.7 million pounds) by the U.K.'s Financial Conduct Authority for inaccurately reporting market transactions for almost six years, Reuters reports.
Deutsche Bank is said to have falsely reported all of the contract-for-difference equity swaps it executed between November 2007 and April 2013. Under European Union Law all CFDs must be reported to a regulator.
By failing to submit accurate transaction reports the FCA says Deutsche has potentially impeded the regulator's ability to find and investigate abuses and manipulations in the market, and insider trading, Reuters added.
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Separately, TheStreet Ratings team rates DEUTSCHE BANK AG as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate DEUTSCHE BANK AG (DB) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally disappointing historical performance in the stock itself, deteriorating net income and disappointing return on equity."