UK authorities have imposed a £13 million fine on Macquarie Bank’s British unit following an incident where a trader on the firm’s metals desk executed over 400 fictitious trades to mask losses. The financial watchdog, the Financial Conduct Authority (FCA), highlighted that the bank incurred losses of $57.8 million while unwinding these trading positions. Additionally, the junior trader involved has been banned from the financial services industry as a result of this misconduct. The fine represents a significant regulatory action against the bank for its failure to maintain proper trading practices.