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WASHINGTON — A key financial regulator said Wednesday it had fined Wall Street powerhouse Merrill Lynch $350,000 for violating rules that limit how many speculative contracts it can hold in markets where bets are made on the price of cotton for future delivery.
The Commodity Futures Trading Commission said Merrill Lynch Commodities, a subsidiary of Bank of America, repeatedly had violated limits on how many Cotton No. 2 futures contracts it was allowed to hold.
