share and impact, the remedial work already undertaken, and the role the firm plays in the market. Such transactions are expressly prohibited in Section 4c(a) of the Commodity Exchange Act (CEA). The OCC has imposed the following financial penalties: Citibank.A. Tracey McDermott, the FCAs director of enforcement and financial crime, said: Firms could have been in no doubt, especially after Libor, that failing to take steps to tackle the consequences of a free for all culture on their trading floors was unacceptable. Authorised firm - A firm that is given permission to provide regulated products and services.
7b - Trading for own account or for account of customers - foreign exchange.
Societe Generale International Limited.
Contract for Differences (excluding a spread bet and, a rolling spot forex contract and a binary bet).
B(5) Investment research and financial analysis or other forms of general recommendation.
The G10 spot FX market is a systemically important financial marke.
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Where problems are identified we expect firms to deal with those quickly, decisively and effectively and to make sure they apply the lessons across their business. It is about firms understanding, and managing, the risks their conduct might pose to markets. The remediation programme will require firms to review their systems and controls and policies and procedures in relation to their spot FX business to ensure that they are of a sufficiently high standard to effectively manage the risks faced by the business. Authorised firm suspended - A firm that has to stop providing regulated products and services for a period of time. See the Disciplinary and regulatory action about the firm for further information). It is about a combination of actions aimed at driving up market standards across the industry. The 4pm WM Reuters fix is calculated by reference to trading activity on a particular electronic broking platform during a one minute window (or fix period) 30 seconds before and 30 seconds after 4pm. Approved - An individual (and some firms) that can perform certain tasks in an authorised firm. Moreover, the Order states that because the EFPs were not done in accordance with the written rules of the CME and cbot, they were not bona fide EFPs, and, therefore, Newedge caused prices to be reported, registered, or recorded that were not true and bona. It is clear from our findings that there has been widespread poor practice in the spot FX market. But this is not just about enforcement action. Todays record fines mark the gravity of the failings we found and firms need to take responsibility for putting it right.
Foreign Exchange - Societe Generale Corporate Investment Junior e-FX Emerging Market trader - 180009AR - Societe Generale Societe Generale unit hit by cftc with 750,000 fine for illegal
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