FCA has fined 3 firms within the BGC and GFI group a total of £4,775,200 for failure properly to implement the MAR trade surveillance requirements, which meant there was an increased risk that the firms would not detect potentially suspicious trading. The 3 firms, which specialise in broking exchange-listed and OTC products and derivative products had deficient surveillance processes in place for an 18 month period, and additionally their monitoring systems failed to cover all asset classes subject to MAR.
FCA fines brokers for market abuse detection failings
