FCA Fines BGC £5 Million for Market Abuse Surveillance Failures
A trader at a BGC brokerage in Paris.
Photographer: Balint Porneczi/Bloomberg
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The Financial Conduct Authority has fined three entities of BGC Partners Inc. £4.7 million ($5.7 million) for failing to ensure they had appropriate systems and controls in place to effectively detect market abuse.
Between July 2016 and January 2018, BGC Brokers LP, GFI Brokers Ltd. and GFI Securities Ltd. had deficient surveillance processes that meant there was an elevated risk that potentially suspicious trading would go undetected, the regulator said in a statement Thursday.