The UK Financial Conduct Authority (FCA) has fined Mako Financial Markets Partnership LLP £1,662,700 for failing to ensure it had effective systems and controls to guard against financial crime.
Mako also failed to adequately apply the policies and procedures it did have in place.
This eighth enforcement case brought by the FCA, concludes its investigations into cum-ex trading. Working closely with EU and global law enforcement agencies, the FCA has imposed fines of more than £30 million in relation to this trading.
Between December 2013 and November 2015, Mako executed purported over-the-counter equity trades on behalf of clients of the Solo Group, worth approximately £68.6bn in Danish equities and £23.6bn in Belgian equities. Mako received commission of approximately £1.45m.
The trading was circular, which is highly suggestive of financial crime. It appears to have been carried out to allow the arranging…
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