简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:Due to inadequate control systems and ineffective detection of potential market abuse, the Financial Conduct Authority (FCA), the UK's regulatory watchdog, fined BGC Brokers LP and two GFI Group subsidiaries, GFI Brokers Limited and GFI Securities Limited.
Due to inadequate control systems and ineffective detection of potential market abuse, the Financial Conduct Authority (FCA), the UK's regulatory watchdog, fined BGC Brokers LP and two GFI Group subsidiaries, GFI Brokers Limited and GFI Securities Limited, a total of £4,775,200.
According to the FCA, the inter-dealer brokers did not put the Market Abuse Regulation's (MAR) requirements for trade surveillance into practise. The failure to enforce appropriate frameworks has resulted in a significant increase in the risk of suspicious trading activity going undetected.
Trading firms, in the nearly two-year period between 2016 and 2018, used flawed and ineffective surveillance procedures that were unable to adequately address market abuse. Moreover, BGC and GFI systems did not cover all asset classes under MAR.
Upon evaluating the profiles of these companies in question, WikiFX discovered that they have low Wikiscore which translates into their high underlying risk and low credibility.\
“Oversight of our markets is a regulated partnership between the FCA and market participants, and so gaps or holes in a firm's ability to monitor and detect abusive trading poses direct risks to market integrity. This case is another example of the FCA's determination to ensure firms prioritise market integrity and the maintenance of high standards of compliance,” Mark Steward, the Executive Director of Enforcement and Market Oversight at FCA, commented.
The Executive Director of Enforcement and Market Oversight at FCA, Mark Steward, explained that “oversight of our markets is a regulated partnership between the FCA and market participants, and so gaps or holes in a firm's ability to monitor and detect abusive trading poses direct risks to market integrity. This case is another example of the FCA's determination to ensure firms prioritise market integrity and the maintenance of high standards of compliance.”
MAR was established six years ago, strengthening the standards for reporting and detecting market abuse. It includes a duty to keep an eye on orders and transactions to spot possible fraud efforts.
The FCA performs self-supervision of misuse by collecting data from all players in the regulated market. A specific market surveillance team controls the suspicious transaction and order reporting (STOR) regime. As part of its mandate, it carries out ad hoc checks among market participants to assess whether they control potential market abuses.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Federal Reserve Cuts Rates for the First Time in Four Years. On September 18, Bank of America Global Research revealed an upward adjustment in its forecast, expecting the Federal Reserve to implement a total of 75 basis points in rate cuts by year-end.
The Federal Reserve’s decisions to raise or cut interest rates are among the most influential drivers of market activity, particularly in the forex and cryptocurrency markets. Understanding the impact of rate changes is crucial for market participants, as it helps them anticipate potential movements and adjust their strategies accordingly.
STARTRADER has once again solidified its leadership in the forex industry with the prestigious Skyline Guide 2024 award for “Company Outstanding Performance in the Forex Industry”.
SEC seeks a 4-month extension to review 133,582 documents in the Coinbase lawsuit. The deadline could be extended to February 2025 as crypto regulations tighten.