Infinox Capital Limited has been fined £99,200 by the UK Financial Conduct Authority (FCA) for failing to submit 46,053 transaction reports which risked market abuse going undetected.
Between 1 October 2022 and 31 March 2023, Infinox failed to submit transaction reports for single-stock contracts for difference (CFD) trades executed through one of its corporate brokerage accounts. Trades executed through this corporate brokerage account accounted for the majority of this business line.
Although Infinox identified its failure to submit these transaction reports following a third-party review, it did not proactively report the breach to the FCA. The FCA independently identified this discrepancy in transaction data submitted by Infinox. The breach highlighted weaknesses in Infinox’s transaction reporting systems and controls for a high-risk investment product.
The FCA has fined a number of firms for transaction reporting…
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