FCA Fines BGC Brokers & GFI Subsidiaries

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.\

Original Text: https://www.wikifx.com/en/newsdetail/202212099164802531.html?source=emily