LONDON - Britain’s financial regulator on Monday fined currency options broker TFS-ICAP 3.44 million pounds for routinely reporting fake trades to customers for over seven years.
The Financial Conduct Authority said that between 2008 and 2015, brokers at the firm were telling customers that a trade had occurred at a particular price or quantity, when no such trade had actually taken place, a practice known as “printing”.“It took place openly on desks, with the motivation of generating business for the firm.”
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