It has been reported that a former Merrill trader at London, Alexis Stenfors, has been completely banned from taking on a regulated role of any kind for a minimum of five years and the reason why the UK financial regulator had banned him was that in the year 2009, he had misevaluated his trading positions.

It was revealed that the trader had tried to cover his trading books which has been seeing growing loses by changing his positions between the months of mid - January till the middle of February in the previous year by more than $100 million.

This deliberate misevaluation from his part has resulted in the Merrill Lynch International Bank, which is located in London, making a huge negative adjustment of more than $456 million to their records and books and they were fined a huge sum of money and all this resulted in the trader being banned.

It was reported that he was banned for his misconduct which was frequent and deliberate and the worst thing was that it was repeated over and over again for a period of one month.