British Financial Conduct Authority Fines TFS-ICAP

United Kingdom’s financial regulator fined currency options broker TFS-ICAP $4.6 million on Monday afternoon for routinely reporting fake trades to customers for almost ten years.

United Kingdom’s financial regulator fined currency options broker TFS-ICAP $4.6 million on Monday afternoon for routinely reporting fake trades to customers for almost ten years.

In a statement, the Financial Conduct Authority said that between 2008 and 205, brokers at the company were communicating customers that a trade had occurred at a particular price or quantity, when no such trade had taken place, in a practice that is famously known as “printing.”

“Brokers saw printing as being part of the role and one that ‘everyone was doing’. It took place openly on desks, with the motivation of generating business for the firm” the British watchdog group said.

The Financial Conduct Authority also said in its statement that the fine against TFS-ICAP, following a probe that also involved regulators from the United States, would have been $3.5 million had the company not agreed to resolve the case.

“The Financial Conduct Authority is grateful for the assistance provided by the Commodity Futures Trading Commission in the United States in this investigation,” the watchdog said in the statement.


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