The Financial Conduct Authority (FCA) has fined Martin Brokers (Martins) £630,000 for misconduct relating to the London Interbank Offered Rate (LIBOR).
Martins would have been fined £3.6m but for the fact that the firm was able to show that it could not pay a penalty of this amount in addition to the other regulatory fines that Martins faces in relation to LIBOR. Martins is the second inter-dealer broker and the sixth firm overall, to be fined by the FCA for LIBOR-related failures. FCA director of enforcement and financial crime Tracey McDermott said: "Interdealer brokers are expected to act as trusted intermediaries and are key conduits of market information. "Martins abused this position of trust by providing false information ...
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