Laura WilesThe FCA has fined investment firm Dinosaur Merchant Bank Limited £338k for failing to implement systems and controls to detect and reporting suspicious trading in its CFD business.
In June 2024, Dinosaur Merchant Bank had introduced a new order system that resulted in a sharp increase in CFD trading by its clients. Between then and October 2024, trades worth approximately $3.05bn were executed, but none were captured and reviewed by the automatic surveillance system, meaning potential market abuse went undetected.
Although the firm identified the issue in October 2024, it failed to address the deficiencies until May 2025, further limiting its ability to identify and report any suspicious trading.