BGC LP fined for market abuse failings

BGC have been fined £4,775,200 for market abuse failures. The failures against two group entities, BGC and GFI focus on the lack of adequate market abuse monitoring, primarily caused by a lack of coverage of all products and business areas of the monitoring solutions.

The FCA identified failures across automated monitoring, manual monitoring, voice monitoring, governance and outsourcing arrangements.

Regulatory activity in relation to market abuse, whether in the way of fines, market pronouncements or use of skilled person reviews, certainly feels like it’s on the increase.

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