Regulation

UBS was found to have overcharged the post-trade spread for around 28,700 client transactions in Hong Kong over a ten-year period.

Tower Research Capital will pay the largest settlement to date for a spoofing scheme which resulted in $33 million in market losses.

The US securities watchdog has extended the relief period to July 2023, after stating it needs more time to evaluate the impact of unbundling under MiFID II.

The fine for BNP Paribas was related to failures around the AML system to identify suspicious penny stock trades and wire transfers over a four-year period.  

BlackRock, Goldman Sachs, Allianz, JP Morgan and Vanguard are among those raising concerns about CCPs, urging regulators to take action.

The FCA has disputed a peer assessment that its analysis and integration of EMIR data in its supervisory approach is not meeting expectations.  

Firms have been urged by the FCA to take reasonable steps to prepare with post-Brexit MiFID and EMIR reporting requirements.

The rates division at Tullett Prebon engaged in improper trading with lax controls and systems in place to monitor broker conduct.

BGC and GFI were accused of ‘flying’ and ‘printing’ fake FX options trades to deceive clients.

Spot FX is currently out of scope of MiFID II and MAR, but ESMA is contemplating bringing the market in scope of the market abuse rules.