Sie schaffen es einfach nicht, aus den negativen Schlagzeilen herauszukommen ...
The City watchdog has slapped a massive £490,000 fine on spread bet firm City Index for failing to accurately report millions of trades and breaching the regulator’s principles.
Trading firms are required to supply data for reportable transactions by the close of business the day after a deal is done, but City Index failed to do that on almost 60% of trades for nearly two years.
Just shy of 2m transaction reports had errors, while the company didn’t even bother to notify the Financial Services Authority (FSA) about 55,000 trades.
It was also found to have missed fundamental errors in its transaction reporting process after implementing a new trading platform.
City, one of the UK’s biggest spread bet firms, had received “repeated reminders” from the FSA about its obligations to provide accurate data and comply with reporting rules. The fine would have been £700,000 had it not settled early and qualified for a 30% discount.
"City Index failed to report accurately a high proportion of its transactions for almost two years. This failure is a serious breach of our rules because it can have a damaging impact on our ability to detect and investigate suspected market abuse,” Margaret Cole, managing director of enforcement and financial crime, said.
The firm is not the first to feel the wrath of the FSA for reporting foul-ups. Barclays, Credit Suisse, Getco Europe, Instinet Europe, Commerzbank and Société Générale have all been punished for the same crime.
Sie schaffen es einfach nicht, aus den negativen Schlagzeilen herauszukommen ...
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