The State of New York, its officers, employees, and/or agents shall not be liable for damages or losses of any kind arising out of, or in connection with, the use or performance of such information, including but not limited to, damages or losses caused by reliance upon the accuracy of any such information, or damages incurred from the viewing, distributing, or copying of such materials.Ī copy of this disclaimer can also be found on our Disclaimer page. The Office of Attorney General does not make any promises, assurances, or guarantees as to the accuracy of the translations provided. The US Commodity Futures Trading Commission (CFTC) dragged TFS-ICAP. A New York district court has slapped a heavy fine of 7 million on the two entities of forex options broker TFS-ICAP, one in New York and the other in London, for major market misconduct and deceiving clients. Anyone relying on information obtained from Google Translate does so at his or her own risk. US Court Slaps 7 Million Fine on TFS-ICAP for Misleading Clients. Google Translate cannot translate all types of documents, and it may not give you an exact translation all the time. However, the 'Google Translate' option may assist you in reading it in other languages. The Office of Attorney General's website is provided in English. “This market should take notice that printing, or providing information to clients where the basis for the information is not true, is not in keeping with appropriate standards of market conduct,” said Mark Steward, the FCA’s executive director of enforcement and market oversight.This Google™ translation feature is provided for informational purposes only.

Since 2018, a senior manager and desk head have left TFS-ICAP, and the composition of its board has changed, the FCA said.Īn independent monitor appointed in 2018 has reported no instances of printing. “The FCA is grateful for the assistance provided by the Commodity Futures Trading Commission in the United States in this investigation,” the watchdog said in a statement. The fine, following an investigation that also involved regulators from the United States, would have been five million pounds had TFS-ICAP not agreed to resolve the case, the FCA said. TFS-ICAP was not able to comment immediately. Printing trades could generate additional revenue and in turn boost pay of brokers, the regulator said. “It took place openly on desks, with the motivation of generating business for the firm.” “Brokers saw printing as being part of the role and one that ‘everyone was doing’,” the FCA said.

The Financial Conduct Authority (FCA) said that between 20, 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”. Britain’s financial regulator on Monday fined currency options broker TFS-ICAP 3.44 million pounds ($4.6 million) for routinely reporting fake trades to customers for over seven years.

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