FCA fines for failure to have trade surveillance requirements

FCA has imposed a fine of over £12.5m on Citigroup Global Markets Limited, for failing to comply with MAR trade surveillance requirements.

MAR introduced a requirement from 2016 to monitor orders and trades to detect potential and attempted market abuse. FCA found the firm had not properly implemented the requirement and had taken 18 months to identify and assess the risks it may have been exposed to. As a result, there were significant gaps in its arrangements, systems and procedures for this additional trade surveillance.

Emma Radmore