Page 743 - 《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

The FCA has fined BGC Brokers LP, GFI Brokers Limited and GFI
Securities Limited (together, BGC/GFI) £4,775,200 for failing to ensure they had

appropriate systems and controls in place to effectively detect market abuse.

BGC/GFI failed to properly implement the Market Abuse Regulation (MAR)

trade surveillance requirements. This meant there was an increased risk that

potentially suspicious trading would go undetected.

BGC/GFI are inter-dealer brokers specialising in broking exchange listed and

over-the-counter financial products and related derivative products. It is of

fundamental importance to the integrity of the market that brokers such as BGC/GFI

have effective market abuse surveillance systems in place.

Between July 2016 and January 2018, BGC/GFI had manual, automatic and

communications surveillance processes that were deficient, and therefore, inadequate

in properly addressing the risk of market abuse. Additionally, BGC/GFI’s systems for
monitoring market abuse did not have proper coverage of all asset classes which are

subject to MAR.

Mark Steward, Executive Director of Enforcement and Market Oversight,

commented:

‘Oversight of our markets is a regulated partnership between the FCA and

market participants and so gaps or holes in a firm’s ability to monitor and detect

abusive trading poses direct risks to market integrity. This case is another example of

the FCA’s determination to ensure firms prioritise market integrity and the

maintenance of high standards of compliance.’

BGC/GFI agreed to resolve the case at an early stage and qualified for a 30%

discount. Without this discount, the fine would have been £6,821,800.

BGC/GFI have since enhanced their systems and controls.

Notes to editors

1. Final Notice for BGC/GFI.

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