• Tech News
  • Fintech
  • Startup
  • Games
  • Ar & Vr
  • Reviews
  • How To
  • More
    • Mobile Tech
    • Pc & Laptop
    • Security
What's Hot

Oppo Find N5 review: Stellar foldable has one big problem

July 30, 2025

The Naked Gun review: Charged with man’s laughter

July 30, 2025

Samsung Galaxy Tab S10 FE+ review: A Galaxy Tab S10+ for less?

July 30, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Facebook Twitter Instagram Pinterest VKontakte
Behind The ScreenBehind The Screen
  • Tech News
  • Fintech
  • Startup
  • Games
  • Ar & Vr
  • Reviews
  • How To
  • More
    • Mobile Tech
    • Pc & Laptop
    • Security
Behind The ScreenBehind The Screen
Home»Fintech»FCA fines BGC/GFI £4.8 million for market abuse failings
Fintech

FCA fines BGC/GFI £4.8 million for market abuse failings

December 8, 2022No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Cion Digital names Sundar Nagarathnam COO
Share
Facebook Twitter LinkedIn Pinterest Email

The FCA has fined BGC Brokers LP, GFI Brokers Restricted and GFI Securities Restricted (collectively, BGC/GFI) £4,775,200 for failing to make sure they’d applicable programs and controls in place to successfully detect market abuse.

BGC/GFI did not correctly implement the Market Abuse Regulation (MAR) commerce surveillance necessities. This meant there was an elevated threat that probably suspicious buying and selling would go undetected.

BGC/GFI are inter-dealer brokers specialising in broking trade listed and over-the-counter monetary merchandise and associated by-product merchandise. It’s of basic significance to the integrity of the market that brokers reminiscent of BGC/GFI have efficient market abuse surveillance programs in place.

Between July 2016 and January 2018, BGC/GFI had handbook, automated and communications surveillance processes that had been poor, and due to this fact, insufficient in correctly addressing the chance of market abuse. Moreover, BGC/GFI’s programs for monitoring market abuse didn’t have correct protection of all asset lessons that are topic to MAR.

Mark Steward, Government Director of Enforcement and Market Oversight, commented:

‘Oversight of our markets is a regulated partnership between the FCA and market members and so gaps or holes in a agency’s skill to observe and detect abusive buying and selling poses direct dangers to market integrity. This case is one other instance of the FCA’s willpower to make sure corporations prioritise market integrity and the upkeep of excessive requirements of compliance.’

BGC/GFI agreed to resolve the case at an early stage and certified for a 30% low cost. With out this low cost, the positive would have been £6,821,800.

See also  Consensus builds that CBDCs are the future of Fiat

BGC/GFI have since enhanced their programs and controls. 

Source link

abuse BGCGFI failings FCA fines Market million
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Apple Hit With 500 Million Euro Fine For DMA Non-Compliance

April 24, 2025

Apple’s Foldable iPhone Could Give the Market a Needed Boost – iDrop News

December 4, 2024

CMF Phone 1 review: Exactly what the budget market was missing

July 24, 2024

Apple’s iPhone Remains at the Top of Japan’s Sliding Smartphone Market

March 8, 2024
Add A Comment

Comments are closed.

Editors Picks

Grounded will hit 1.0 on September 27th with “biggest update ever”

July 29, 2022

Sci-fi strategy Phoenix Point sees its final official update for PC

July 22, 2022

Elon Musk Embraces Twitter’s Radical Fact-Checking Experiment

November 20, 2022

Brits say social media must do more to block harmful content

July 13, 2022

Subscribe to Updates

Get the latest news and Updates from Behind The Scene about Tech, Startup and more.

Top Post

Oppo Find N5 review: Stellar foldable has one big problem

The Naked Gun review: Charged with man’s laughter

Samsung Galaxy Tab S10 FE+ review: A Galaxy Tab S10+ for less?

Behind The Screen
Facebook Twitter Instagram Pinterest Vimeo YouTube
  • Contact
  • Privacy Policy
  • Terms & Conditions
© 2025 behindthescreen.fr - All rights reserved.

Type above and press Enter to search. Press Esc to cancel.