Tullett Prebon To Pay £15.4M To Settle FCA Trading Probe
Law360, London (October 11, 2019, 12:33 PM BST) -- Interdealer broker Tullett Prebon has agreed to pay a £15.4 million ($19.3 million) fine to settle charges that the interdealer broker had lax controls over its traders and failed to be open and cooperative with a regulatory investigation, the Financial Conduct Authority said Friday.
Between 2009 and 2010 Tullett Prebon, which is now part of TP ICAP, failed to act with due skill, care and diligence over “wash trades,” transactions with no legitimate commercial purpose, to generate "unwarranted and unusually high amounts of brokerage for the firm," the regulator said.
Tullett Prebon will pay a £15.4 million ($19.3 million) fee to...
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