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FCA Fines Interactive Brokers More Than £1million

The Financial Conduct Authority (FCA) has today imposed a financial penalty on Interactive Brokers (UK) (IBUK) in the amount of £1,049,412 for failings in its post-trade systems and controls for identifying and reporting suspicious transactions in the period February 2014 to February 2015 (“the Relevant Period”).  IBUK is an online broker based in London which arranges and executes transactions in certain financial instruments such as CFDs (contracts for difference) directly for its UK clients, and executes other products on behalf of other entities in the wider Interactive Brokers Group.   IBUK delegated its post-trade monitoring to a team based at another company...