Page 744 - 《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

2. The FCA conducts its own surveillance for market abuse by consolidating
data obtained from market participants to detect potential insider dealing and

market manipulation.

3. 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.

4. 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

wide range of market participants to assess their market abuse surveillance

arrangements.

5. BGC Brokers LP (BGC), GFI Brokers Limited and GFI Securities Limited
(GFI) are separate legal entities. BGC is the UK subsidiary of BGC Inc. GFI

was purchased by BGC Inc in January 2016. Although GFI is run separately,

it is part of the wider BGC organisation and shares the same compliance

department.

6. MAR is a significant piece of legislation that covers the offences of insider

dealing, unlawful disclosure of inside information, and market manipulation.

Firms that arrange or execute transactions in financial instruments are

required by Article 16(2) of MAR to establish and maintain effective

arrangements, systems, and procedures to detect and report potential market

abuse.

7. These failings meant that BGC/GFI breached Article 16(2) of MAR and

Principle 3 of the FCA’s Principles for Businesses – that a firm must take

reasonable care to organise and control its affairs responsibly and effectively,
with adequate risk management systems.

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