UK - Credit Suisse has been fined £5.6m (US$10.5m) by the Financial Services Authority (FSA).
It said the firm had been facing action since February after it admitted "mismarking and pricing errors" by traders who had mispriced their position during the first quarter of 2007. This forced the firm into a £1.4bn writedown.
FSA director of enforcement Margaret Cole said: "The penalty reflects our tougher stance on enforcement and our policy of imposing higher penalties to achieve credible deterrence.
"It is imperative, particularly in more challenging financial conditions, that firms have in place appropriate systems and controls to manage their risks."
She added: "The subsidiaries here failed to take appropriate steps to control the potentially high risk combination in the Structured Credit Group's holdings of exotic products, opaque valuations and high leverage.
"The sudden and unexpected announcement of the writedown had the potential to undermine market confidence."
Credit Suisse Group chief executive Brady Dougan said: "Our overall control framework remains sound and we have taken actions to implement a remediation program to address the findings of our internal review."
Laven Partners managing director Jérôme de Lavenère Lussan added: "The fine proves that the FSA is taking a tough stance and there will be serious financial and reputational consequences for firms who do not meet the regulator's standards."
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