Infinox Capital Limited has faced a significant setback as the Financial Conduct Authority (FCA) imposed a fine of £99,200.
The penalty was levied due to Infinox’s failure to file 46,053 transaction reports, a critical oversight that potentially allowed market abuse to go undetected. This marks the first enforcement action against a firm for breaching the UK Markets in Financial Instruments Regulation (MiFIR) transaction reporting requirements.
Between October 1, 2022, and March 31, 2023, Infinox neglected to report transactions for single-stock contracts for difference (CFD) trades executed through a corporate brokerage account, which represents a significant portion of this business line. The oversight was identified following a third-party review; however, Infinox did not proactively report the breach to the FCA. Instead, the discrepancy was independently discovered by the FCA, underscoring weaknesses in Infinox’s systems and controls for handling high-risk investment products.
Steve Smart, joint executive director of enforcement and market oversight at the FCA, stressed the importance of complete and timely transaction reporting. “As a data-led regulator, it is vital that firms submit accurate and timely transaction reports and promptly bring any failures to our attention. Infinox failed to do this, which meant market abuse could have flown under the radar and risked the integrity of the market,” he explained.
The FCA continues to monitor market data in real time, with specialized teams dedicated to detecting signs of misconduct and ensuring market integrity.
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