LONDON (Reuters) – Britain’s Financial Conduct Authority said on Thursday it has fined inter-dealer brokers BGC Brokers LP, GFI Brokers Limited, and GFI Securities Limited 4.77 million pounds ($5.80 million)for failing to ensure they had appropriate controls to detect market abuse.
“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,” the FCA said in a statement.
($1 = 0.8218 pounds)
(Reporting by Huw Jones; Editing by Alison Williams)
