Introduction In recent years, the financial services sector has witnessed a series of regulatory fines imposed on firms due to inadequacies in maintaining comprehensive records of employee electronic communications (e-comms). The latest news involves a new round of fines totalling…
The regulator is increasingly asking to see your market abuse risk assessment and often at short notice. In this article we provide some tips on what you should be considering as you refresh your own market abuse risk assessment. It…
FCA has been investigating UK based brokers involvement in cum/ex dividend arbitrage schemes. As it progresses its investigation the FCA has been working with regulators around the world. The FCA investigation thus far has centred around four entities known as…
The Financial Times has reported that BNP Paribas is facing mis-selling allegations over fx derivatives to Spanish corporate clients. It also reports that Deutsche Bank staff have also been facing allegations of mis-selling financial instruments. Both cases are familiar stories…
As a reminder TFS – ICAP received fines of £3.4 by FCA and $7 million by the CFTC. Former senior managers Ian Dibb and Jeremy Woolfenden were fined $500,000 each and they agreed not to apply for registration for 5…
Quick Recap Assuming you are broadly aware of this issue here is a brief recap: Investors getting together on internet message boards (mainly on Reddit) and buying up stocks where they perceive short sellers have interest. This has resulted in…
ESMA’s review of the Market Abuse Regulation places reliance and expectations on the Global FX Code. Particularly in relation to whether, or when, to regulate spot FX (forex). Both ESMA and the FCA want to see the impact of the…
Market conduct poses risks to regulated firms irrespective of the markets they are in or the clients they serve. The nature of market abuse varies which we show in the Market Abuse Themes chart below. The FCA is of the…
For several years now the FCA has been repeating its concern that the reporting of STORs (Suspicious Transaction Order Reports) is dominated by suspicious transactions in equities. More specifically what the FCA has referred to as the “poster child” of…
Actually $12.42 bn is the total FX fines paid: 24 of which were levied on 5 banks, the “cartel banks” totalling $12.270bn Most of the rest were for use of customer information to rig transactions. This led to an erosion…