Page 409 - 《期货和衍生品行业监管动态》（2022年合集）

期货和衍生品行业监管动态

MAR was introduced in 2016 and expanded requirements to detect and report
potential market abuse. It introduced a requirement to monitor both orders and trades

to detect potential and attempted market abuse across a broad range of markets and

financial instruments.

However, the FCA found that Citigroup Global Markets failed to properly

implement the new requirement when it took effect, and took 18 months to identify

and assess the specific market abuse risks its business may have been exposed to and

which it needed to detect. Citigroup Global Markets’ flawed implementation resulted

in significant gaps in its arrangements, systems, and procedures for additional trade

surveillance.

Mark Steward, Executive Director of Enforcement and Market Oversight,

commented:

‘The framework for market integrity depends on the partnership between the
FCA and market participants using data to detect suspicious trading. By not fully

implementing the new provisions when required, Citigroup Global Markets did not

carry its full weight in this partnership, impacting market integrity and the overall

detection of market abuse.’

Citigroup Global Markets agreed to resolve this case and qualified for a 30%

discount. Without this discount, the fine would have been £17,934,030.

Notes to editors

1. The FCA conducts its own surveillance for market abuse by

consolidating data obtained from market participants to detect potential insider

dealing and market manipulation.

2. The FCA’s Market Surveillance team conducts specialist supervision of
the suspicious transaction and order reporting (STOR) regime. As part of its

extensive supervisory programme, it undertakes regular and ad hoc visits to a

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