Merrill Lynch, Pierce, Fenner & Smith Incorporated agreed to pay a fine of US $250,000 to the Financial Industry Regulatory Authority related to charges that it failed adequately to monitor for wash trades in certain client accounts from August 2009 through March 2011. According to FINRA, during the relevant time, the firm’s systems did not detect and review trades in securities in 83 customer accounts that did not have a US dollar value in the currency indicator field. The Letter of Acceptance, Waiver and Consent published by FINRA in connection with this matter did not specify the number of wash transactions that occurred that were not detected by the firm.