Trade surveillance

Changes in the surveillance function were the focus of one discussion at XLOD Global.

Reporting, transparency, and governance frameworks were high on the agenda at Global Relay’s recent compliance roundtable in Canada.

Agency says rules do not reflect modern environment and change could generate aggregate annual savings of up to $45.6m.

We consider ​industry pushback and sovereignty concerns with Tom Callaby, CMS; and Miroslav Đurić, Taylor Wessing.

Consent orders require two former precious metals traders to pay hefty civil penalties and accept industry bans, concluding an enforcement action launched in 2019.

Technology issues and lax supervisory procedures allegedly led to “hundreds of millions” of trade, order and position records being omitted from its surveillance systems.

Six major banks agreed to pay penalties to resolve compliance violations, most of them receiving maximum cooperation credit.

The FCA’s review is intended to help PTFs comply with existing requirements and does not create any new obligations.