The Financial Conduct Authority has fined Citigroup Global Markets £12.6m for failing to put in place measures to spot potential market abuse.
The regulator said that since Citigroup failed to properly implement Market Abuse Regulation (MAR) requirements, it could not effectively monitor trading activities to prevent certain types of insider dealing and market manipulation. Banks have been required to follow MAR rules since 2016, which require them to work to detect and report market abuse, including through monitoring both orders and trades. However, Citigroup failed to properly implement the new requirements, and took 18 months to identify and assess the specific market abuse risks its business may have been exposed to and...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
