![]() ![]() ![]() ‘This market should take notice that printing, or providing information to clients where the basis for the information is not true, is not in keeping with appropriate standards of market conduct. Mark Steward, Executive Director of Enforcement and Market Oversight, said: TFS-ICAP also had shortcomings in its oversight and compliance arrangements to detect and counter the risk of brokers providing price or quantity information on the basis that it was based on actual trades when these had not taken place. Neither were there any records to evidence the practice which, in turn, meant the investigation had to establish the existence of a practice that was opaque and unrecorded in any of TFS-ICAP’s records. As such, TFS-ICAP did not observe proper standards of market conduct.įurthermore, TFS-ICAP did not react to warning signs that printing might be taking place or act to address the risk of it, and so failed to act with due skill, care and diligence. Printing trades sought to encourage clients to trade when they might not have done, to generate business for TFS-ICAP. TFS-ICAP brokers, across multiple broking desks, did this openly and over a prolonged period. This involved brokers communicating to their clients that a trade had occurred at a particular price and/or quantity when no such trade had actually taken place. Between 20, brokers at TFS-ICAP carried out the practice of ‘printing’ trades. ![]()
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