UK regulator slaps $10m fine on Credit Suisse

Credit Suisse, a Swiss bank, is to shell out £5.6m ($10.4m) in fines for mispricing a number of asset-backed securities.

The Financial Services Authority (FSA) levied the fine on Thursday after it emerged the bank had identified mismarking and pricing errors by a small number of traders in February. The errors related to some asset-backed securities and involved a writedown in revenues of $2.65 billion.

"The penalty reflects our tougher stance on enforcement and our policy of imposing higher