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Clifford Chance

Regulatory Investigations and Financial Crime Insights

FCA fines broker for market abuse systems and controls failures

The FCA has fined Interactive Brokers UK Limited (IBUK) £1,049,412 for failures in its systems and controls relating to market abuse surveillance and monitoring, and for failing to report suspicious transactions. IBUK is an online broker whcih forms part of the Interactive Brokers Group headquartered in Greenwich, Connecticut.

The Enforcement investigation arose from a review conducted by the FCA's Market Surveillance and Forensics team in late 2014 into CFD and spread bet providers, as part of which the FCA visited IBUK. We highlight three important points in this briefing.