Released on Friday, the watchdog’s new rule introduces a new payment option for research and follows an industry consultation period that began in April.

Under the new proposed payment option, the UK buy-side will be able to facilitate joint payments for third-party research and execution services, provided said firm meets requirements.

Read more – FCA tables re-bundling to support more ‘flexible’ approach to research

Today’s proposals stay very close to the proposal put forward in the consultation paper but do also include some minor changes on the back of industry feedback. 

“They [FCA] have made changes in a few areas which definitely increase the likelihood of the buy-side being tempted to try to get these costs off their own P&Ls and potentially become more open to consuming new research,” Substantive Research’s Mike Carrodus tells The TRADE. 

“For example, many interpreted the proposed rules in the CP as requiring “strategy level budgets” which would have been a dealbreaker for some asset managers – this has been clarified and removed. Allocating a budget down to individual teams is common practice, but for some asset managers who consume and repackage research insights centrally this would not have been an option.”

The FCA’s new rules also mean firms will not have to disclose their top providers in terms of payment amount – something highlighted by participants in the consultation. Instead, they will have to provide information around the breakdown of types of provider in the budget. 

Also included in today’s new rules is a softening in how firms ensure separately identifiable research charges versus execution costs. The FCA is now only asking for firms to have arrangements in place that evidence how the separation is done more broadly. 

Despite some calling for it, the FCA has opted not to re-implement ‘full rebundling’.

“Full bundling would lead to opacity of prices paid for research services, challenge the ability to compare prices paid across research providers, and not preserve competition in the separate markets for research and trade execution,” said the watchdog in its findings.

“We believe that Mifid II introduced a level of discipline and transparency which exceeds that of fully bundled arrangements, and we want to retain the benefits that have been achieved.”

The new payment option is not mandatory. From 1 August onwards, the FCA has suggested that firms must ensure they comply with requirements if they wish to use the new option.

“The FCA has provided greater flexibility which will encourage many asset managers to now explore whether their client bases will accommodate a small additional cost to their annual fees in order to align with these changes,” added Carrodus. “However, the regulator is not apologising for Mifid II’s research rules, and has clearly ruled out any return to a fully bundled world. Now we have regulatory clarity, we will wait to see if a group of early adopter asset managers emerges to test the commercial dynamics of this transition!”

Read more – In conversation with… Substantive Research’s Mike Carrodus

Research was unbundled as part of Mifid II in 2018 due to various industry concerns surrounding spending on duplicative or low-quality research.

The FCA began consulting with the industry on potential rebundling options following the conclusion of HM Treasury’s Investment Research Review (IRR) which concluded that unbundling requirements had had “adverse impacts” on the provision of investment research in the UK and subsequently the UK economy.

The IRR also concluded that unbundling requirements were potentially reducing UK asset managers’ access to global investment research and that this was putting them at a competitive disadvantage against international peers.

European regulators have also been reassessing the payment for research landscape as of late following similar research into the impacts of Mifid II.

Following its own findings, the Bloc is also introducing new legislative adjustments to the Mifid II unbundling rules, also in the form of a new payment option, to bundle research payments with execution.

The post FCA to offer partly ‘rebundled’ research to support UK buy-side appeared first on The TRADE.

The panel is aimed at being a “critical friend” to the FCA in a bid to ensure the watchdog’s policies “maintain and advance” London’s position as an international financial centre. 

The main topics of focus of the panel include the major macroeconomic and geopolitical landscape, the future regulatory regime, FCA transformation, crypto assets, ESG, diversity and inclusion and private markets.

Haynes joins participants from across the major sectors of the UK wholesale and securities markets on the panel. Hailing from Latham & Watkins, Amundi UK, the London Stock Exchange, Peel Hunt, Citi, and Boards of the Capeview Azri Funds.

Morgan Stanley’s head of EMEA and chief executive Clare Woodman heads up the panel as chair.

 “The Panel is an independent statutory body, set up to provide advice and challenge from the point of view of financial market participants, and in order to provide input to the FCA to help it in meeting its strategic and operational objectives,” Aquis Exchange said in a statement on social media.

“Panel members are senior level industry representatives from the UK’s wholesale and securities markets and are formally appointed by the FCA Board. With his 47 years’ experience of financial markets along with his strong desire to innovate capital markets and the exchange industry, we have no doubt that Alasdair will be a valuable contributor to the panel. Congratulations Alasdair!”

The post Alasdair Haynes latest to join FCA panel aimed at fortifying the City appeared first on The TRADE.

Successful applicants to the DSS will  operate under a set of rules and regulations that have been modified to facilitate this.

The DSS is intended to last for five years, after which regulators will be better informed to design a permanent technology friendly regime for the securities market.

Firms that successfully apply to the DSS will be able to manage  the issuance, maintenance and the settlement of financial securities.

The central bank and UK regulator said it will also be possible to combine these activities with that of a trading venue, creating new business models.

The BoE and the FCA have three overarching aims, including: facilitating innovation to promote a safe, sustainable and efficient financial system; protecting financial stability; protecting market integrity and cleanliness.

Examples of financial instruments which could be issued and traded in the DSS include equities, corporate and government bonds, and money market instruments.

“The intention of the Bank and the FCA is that financial market participants, such as companies that use capital markets to raise finance, or participants in financial markets who trade securities, should be able to interact with the firms inside the DSS as normal while benefitting from the new technology,” the pair said in a statement.

“Similarly, unless otherwise specified by the regulators, all financial market participants will be able to use the securities issued in the DSS as they normally would any other security, including in securities financing transactions, or as collateral.”

Derivative contracts based on those securities can also be written, with those activities still being required to comply with the regulations that govern them.

The BoE stated that it will impose limits on the value of securities that can be issued in the DSS to protect financial stability.

The DSS will comprise of varied stages of permitted activity, with a series of gates for sandbox entrants to move through, with permitted activity increasing with each stage.

“The application of new technology such as distributed ledgers could materially improve the efficiency of ‘post-trade’ processes that take place after a trade is executed,” added the BofE and the FCA..

“By making these processes faster and cheaper, the adoption of these technologies could, if successfully implemented, lead to material savings across financial market participants, such as pension funds, investment firms and banks.”

In order to meet the aims of the DSS, while giving fair consideration to the impact of their policy on key stakeholders, the BoE and the FCA have released a consultation paper. The closing date for responses is 29 May 2024.

Following the review period, a formal communication will be issued with final guidance and rules. The DSS is expected to open applications in the summer of 2024.  

The post Bank of England and FCA to launch joint Digital Securities Sandbox appeared first on The TRADE.

First launched in March last year, the study explored three key areas including benchmarks provision, credit ratings data by credit ratings agencies (CRAs) and their affiliates, and the provision of market data vendor (MDV) services, following calls from participants that competition was not working within these areas and costs were too high.

Overall, the watchdog said it had not found evidence that firms cannot access the wholesale data that they need.

It has however, concluded that there is evidence of what it referred to as “market power” across all three markets, finding that markets are concentrated, key providers are highly profitable, the data they provide is essential and key providers face limited competition from challenger firms.

“This report shows there are features of these markets in the UK that prevent, restrict or distort competition,” said the FCA in its report.

With regards to credit ratings, the FCA found that the three largest CRAs accounted for over 99% of revenues for data feeds, there were barriers to entry for challenger CRAs and that pricing lacked transparency.

When assessing benchmarks data, the watchdog has found that “market power” has meant there is limited ongoing competition and barriers to switching providers, while “complex and opaque licensing” has meant users cannot compare prices.

With regards to market data vendors, the FCA has concluded that there are high levels of concertation – worsened by recent market consolidation, there are barriers to switching providers, and that pricing practices mean some users are paying more.

The FCA launched a new wholesale data market study under the Enterprise Act in March last year, inviting any persons wishing to make representations on the subject – most importantly on whether the subject should be submitted as a market investigation reference under the Act to the Competition Markets Authority.

However, despite its findings published today, the watchdog has concluded that it will not be taking further action via an MRI through the Competition Markets Authority (CMA).

“Our assessment of whether to make an MIR is therefore based on whether this would be the most appropriate way of addressing the concerning features we have identified. Our view remains unchanged since our update report,” said the FCA in its findings.

“We do not think an MIR would be the most appropriate way to address the competition problems we have identified. […] Our view remains that we are well placed to develop an appropriate and proportionate approach to addressing issues identified in the market study. We have set out in this report our planned further work,” said the FCA.

“We will use this to identify any areas we will take forward. As we progress this work, we will also keep under review our ability to tackle any issues we have identified and whether we need to consider alternative approaches.”

This is thanks to several factors listed in the FCA’s report, namely that because it is a sector regulator with concurrent powers, it is in a better position to take action going forward.

“We note that the FCA has recognised shortcomings in the three markets but has ultimately decided not to make a market investigation reference to the Competition and Markets Authority. We also note that this decision is based on the FCA’s assessment that, as a sector regulator, it is in a strong position to shape remedies and supervise their implementation,” said AFME’s managing director of equities, April Day, and managing director of fixed income, Victoria Webster.

“As the FCA continues to develop its framework for the UK consolidated tapes for bonds and equities, we encourage policymakers to ensure holistic market regulation of wholesale market data.”

Read more – Market data prices rising ‘faster than ever’ despite FCA investigation, new data finds

According to a report released by Substantive Research in October, the average price increase for an unchanged customer use case at ratings agencies is 12% – not including year-on-year inflation increases within a multiyear contract. For index providers, the average price increase for an unchanged customer use case is 13%, also not including year-on-year inflation increases within a multiyear contract. Some outlier providers are repricing clients by 600%, found Substantive Research’s report.

The post FCA concludes data competition is not working but quells plans for further regulatory intervention by competition authority appeared first on The TRADE.

The recent communication follows the previous Wholesale Broker Letter (WBL) and addresses the key risks which could arise in relation to PTF’s, what drives them, and the FCA’s expectations for these firms in mitigating these risks.

Not all elements of the letter apply to all firms, understandably, however, the FCA has directed chief executives to discuss the points outlined with their respective boards, consider how the outlined risks could apply to their business, and make a plan to manage them effectively, by the end of September 2023.

The letter states that firms must have agreed actions or next steps in relation to the points relevant to their operations, however, there is no formal requirement for firms to report this back to the FCA.

Instead, firms are expected to be able to clearly demonstrate, if required, how their approach will work to meet the FCA’s expectations, as well as proving its suitability in contributing to the consistent overall framework and in addressing broader resilience requirements.

The supervisory strategy, informed by the regulator’s recent supervisory experiences, specifically outlines five key areas: algorithmic trading controls, financial resilience, market disruption arising from commodity market volatility, operational resilience, and Brexit impacts.

One of the key takeaways gleaned from the strategy letter related to managing risk in terms of algorithmic trading controls, with the FCA making it clear that it is up to the firms themselves to ensure that they are effectively resourced to handle situations which could arise in this vein.

“We expect firms to devote appropriate resources to maintaining effective oversight functions and controls aimed at reducing the impact of any trading incidents on the orderly functioning of the markets they operate in, including where firms deploy AI systems,” asserted the regulator.

The FCA further added that it expects firms to show exactly how they are tailoring their controls and system processes in line with the scale and complexity of their operations.

In terms of what’s to come, the regulator – building on findings from a 2018 review regarding algo trading controls – confirmed a future multi-firm review aimed at mitigating risk was on the cards. All PTF’s are subject to the UK’s implementation of Mifid and specifically the review will centre on firms’ compliance with Mifid RTS 6 (specific requirements governing investment firms working in algo trading), as well as a on ‘selected elements’ of Mifid RTS 7 (requirements for trading venues which enable algo trading).

In the case that these reviews find that there are material weaknesses or non-compliance, the FCA will act it has been confirmed.

The ‘supervisory strategy for PTF’ letter also made clear that – aside from firms ensuring they are themselves sufficiently resourced, and firms acting proactively in taking action against market abuse risk – it is unequivocally the responsibility of senior management at these firms to take accountability.

The regulator is focused on developments in emerging technologies and senior management should not overlook the impact of potential matters stemming from automated systems and models.

Furthermore, in terms of financial resilience, the FCA recognised the relevance of black swan events and how stress-testing is arguably not going far enough considering the current climate, where ‘unprecedented’ events are more prevalent.

Discussing their recent observations, the regulator explained: “In many instances the stress was greater than the severe but plausible scenarios firms had based their modelling on.”

Taking this into consideration, the letter suggests that firms should focus on expanding the scope of stress scenarios, explaining that events which could feasibly be labelled ‘extreme but plausible’ now encompasses far more than in the recent past.

Elsewhere, the supervisory strategy addressed the operational side of PTF’s, reminding relevant firms that they have until 31 March 2025 to ensure that they are complying with the FCA’s operational resilience rules, established in 2021.

“We expect firms that are in scope of our operational resilience policy statement to consider how they will embed the requirements and ensure they operate within their impact tolerances as soon as reasonably practicable,” said the FCA.

In terms of what this means for firms, the FCA has confirmed plans to review implementation plans – with the expectation that those ‘in-scope’ are able to demonstrate an approach which “integrates broader resilience requirements into a coherent overall framework.”

The post Under the spotlight: The implications of the FCA’s proposed new oversight strategy for principal trading firms appeared first on The TRADE.

The watchdog revealed that its initial focus will be on a single consolidated tape provider (CTP) for each asset class, to help ensure that associated data costs stay low while also addressing the existing fragmentation of post-trade transparency data.

A CT for bonds will be the initial focus, with an equities tape following at a later stage. The FCA also stated that it plans to run a competitive tender process for the bonds tape.

The FCA’s consultation – set out in July – provides its proposed framework for a CT for bonds, its criteria for how a CTP would operate, and the tender process for appointing a CTP.

Comments on this consolidation paper are expected to be received by 15 September, after which, the FCA stated it would make the necessary amendments to its handbook, with the aim to publish a policy statement in December 2023.

The development follows approval from the EU and Parliament earlier this year for a CT for the EU across all asset classes, alongside enforcing a general ban on payment for order flow with temporary member state exemptions.

Read more: European Council and Parliament reach milestone Mifid compromise on consolidated tape and PFOF

On Friday, the Association for Financial Markets in Europe submitted its response to the FCA’s consultation paper, welcoming the FCA’s initiative to embed the framework encouraging the development of a CT in the UK.

Echoing industry perspectives, AFME highlights that a resilient, cost-effective CT providing timely, good quality data will provide improved access to a common view of the UK market to all investors – while also enhancing the global competitiveness of UK wholesale markets. 

In AFME’s response to the FCA’s consultation paper, it highlights licensing, the tender process, governance and operating costs as the most pressing aspects to consider around the establishment of a CT.

“The establishment of a consolidated tape for bonds in the UK is a major milestone. The UK has a leading global market and it is vital to ensure that it remains competitive by widening access to market data and broadening participation in capital markets from investors, both domestically and internationally,” said Victoria Webster, managing director of fixed income at AFME.

“At the same time, even an appropriately constructed consolidated tape will not fully address the current unacceptably high cost of market data. We trust that the FCA’s extensive work on wholesale data will help address anomalies in this area, which are detrimental to financial markets and their users.”

The post FCA’s consultation period for UK consolidated tape closes with market expressing key considerations ahead of its development appeared first on The TRADE.

The watchdog’s focus will be on a single consolidated tape provider per asset class, which could help ensure that associated data costs remain low alongside addressing the existing fragmentation of post-trade transparency data.

An initial focus will be on a consolidated tape for bonds, followed by an equities tape. The FCA plans to run a competitive tender process for the bonds tape.

“It makes sense that the UK would prioritise a fixed income consolidated tape first as the asset class has traditionally been much more opaque than, for example, equities,” said David Everson, head of trading, fixed income EMEA at Liquidnet.

“A fixed income consolidated tape will, [however], unlikely solve all the pain points overnight. The US has had TRACE for some time, yet suffers from similar obstacles around price transparency.”

Coinciding with the Edinburgh reform, the FCA will work closely with the government with the aim to have a regulatory framework in place by 2024.

The UK tape’s revenue and sharing model and its inclusion of pre- and post-trade data have not yet been confirmed.

The FCA also stated that it will consult on additional reforms to bond and derivative transparency requirements later this year, to establish a more effective regime to bolster the content and delivery of trade data in the UK alongside the tape.

“We are adapting our rules to make sure the UK market works well, providing certainty for firms and so providing a good environment for investment,” said the FCA’s executive director of markets and executive director of international, Sarah Pritchard.

“The new consolidated tape will help reduce trading costs, increase transparency and improve data quality.”

Read more: European Council and Parliament reach milestone Mifid compromise on consolidated tape and PFOF

The development comes days after the EU Council and Parliament approved a consolidated tape for the EU across all asset classes, alongside enforcing a general ban on payment for order flow with temporary member state exemptions.

However, the compromise reached in Europe has proved controversial to those that argue it lacks detail around its attribution and revenue sharing model.

“It would’ve been great to see the EU consolidated tape go one step further to include venue attribution, which would have maximised the utility of the tape. This is hopefully something we will see addressed by the UK consolidated tape proposals, as venue attribution is incredibly important to provide transparency to investors around which venues are displaying best execution at a given point in time,” said Jim Goldie, head of EMEA ETF capital markets at Invesco.

“Additionally, similar to the EU’s consolidated tape, it will be incredibly important to see ETFs included alongside equities in the UK version […] It is important that the UK consolidated tape is as near real-time as possible and includes ETFs alongside equities in one tape, similar to the EU consolidated tape. It is also important that it includes venue attribution, unlike the EU consolidated tape.”

Earlier this year, The TRADE revealed that the FCA had communicated to market participants and trade associations its plans to move forward with a single consolidated tape (CT) model.

At the time, the FCA stated that it would take a single provider approach rather than having a competition between providers, to offer more clarity and avoid a duplication of costs or of infrastructure build expense.

Read more: Recent EU consolidated tape compromise is a ‘missed opportunity’, says AFME

“A functioning consolidated tape had started to look like the “white whale” of the Mifid II framework. While an overall assessment of the proposal will depend on the final details – including in particular the timing of data disclosures – it’s clear that the UK is taking an evidence-based, market-aware approach that increases the chance of a successful roll-out,” said Nathaniel Lalone, partner at Katten Muchin Rosenman UK.

“That approach compares favourably to the horse-trading that has characterised the EU negotiations, where the need to find an acceptable political compromise has raised questions whether its consolidated tape will be fit for purpose.”

Speaking on the latest development, Adam Farkas, chief executive of the Association for Financial Markets in Europe (AFME), noted that a single consolidated tape provider will also be easier for the official sector and industry to monitor.

“We recognise that even an appropriately constructed consolidated tape will not fully address the current unacceptably high cost of market data,” he said. “We trust that the FCA’s extensive work on wholesale data will help address anomalies in this area, which are detrimental to financial markets and their users.”

The post FCA moves to consult with industry on UK consolidated tape model as back and forth continues appeared first on The TRADE.

Among the key topics discussed during Tuesday’s IDX panel exploring the future relationship between the UK and Europe was derivatives clearing post-Brexit, in particular relating to Euro denominated swaps.

Typically, the lion’s share of over the counter (OTC) EU/US interest rate swaps clearing volumes have been handled by the London Stock Exchange Group’s (LSEG) LCH SwapClear in the City. European policymakers post-Brexit have been vocal in their intentions to remove this to the Bloc after concluding that such a level of EU derivatives clearing taking place outside of the EU is a systemic risk.

Carrot or stick

“Since Brexit, Europe is considering urgently how much it should depend on non-EU countries,” said panellist Julia Frölich, senior expert for payments and settlement systems, Deutsche Bundesbank.

Europe has two options for encouraging derivatives clearing volumes back into Europe, Tuesday’s panel concluded. Aptly put by panel moderator Bruce Savage, head of Europe for FIA, the carrot and the stick. Either policymakers in the EU incentivises the migration or legislators make it mandatory using controversial “active accounts”.

Read more – Post-Brexit derivatives clearing tussle continues as European Commission clamps down on non-EU CCPs

In December, the European Commission published a proposal as part of Emir 3.0 regulation that would require all participants to hold active accounts at European CCPs for clearing at least a portion of certain derivative contracts. Elsewhere, UK CCPs ICE Clear Europe, LCH and the London Metal Exchange (LME) have been granted a temporary three-year equivalence until June 2025 by regulators.

“The EU should reduce exposure to UK CCPs. We need necessary incentives to nudge market participants. We need cooperation between the UK and EU to reduce stability risk,” she said.

Adding later: “If incentives don’t work we may have to use active accounts. There is a carrot option but sometimes you need other measures.”

The active accounts method has proved unpopular with participants across the Street who suggest the current proposals lack clarity and could damage competition in Euro-denominated products, according to a recent Acuiti report. Among the key arguments against is the suggestion that active accounts could encourage participants to take certain “uncompetitive” prices just to meet a minimum threshold of activity.

Read more – Backlash against the EU’s new active clearing account requirements continues as sell-side voice concerns

“Active accounts need to be calibrated in the right way. If you impose rigid thresholds it could be at the expense of the end clients,” said Haroun Boucheta, head of public affairs for securities services at BNP Paribas, also speaking on the IDX panel.

Tuesday’s panel follows the adoption of a long-awaited draft Memorandum of Understanding between the UK and Europe in May, aimed at establishing a framework for structured regulatory cooperation with respect to financial services in the UK.

“It represents a thawing. It’s a step forward as it is discussing the slightly thornier and more political issues like equivalence,” said panellist Jon Relleen, director of infrastructure and exchanges for the UK’s Financial Conduct Authority (FCA).

The post Carrot or stick? How the EU plans to reduce reliance on UK CCPs for derivatives clearing appeared first on The TRADE.

The UK regulator stated that it will review its decision in line with the requirements of the Benchmarks Regulation, however, it expects to follow the indicated direction and timeline unless unforeseeable and material events were to occur.

“Firms must therefore continue to actively transition contracts that reference US dollar Libor,” said the regulator in a statement.

“We continue to expect firms to take action and deliver demonstrable progress. Synthetic Libor is only a temporary bridge, and synthetic settings will not continue simply for the convenience of those who could have transitioned their contracts but have not done so.”

The FCA also announced that the use of one-, three- and six-month synthetic US dollar Libor settings in all legacy contracts, except cleared derivatives, will be permitted.

In addition, all new use of synthetic US dollar Libor will be prohibited under the Benchmark Regulation from 1 July 2023 after the US dollar LIBOR panel ends – overriding limited exemptions previously offered by the FCA.

Elsewhere, the one- and six-month synthetic sterling Libor settings were published for the last time on 31 March 2023, with the settings ceasing permanently.

The three-month synthetic sterling Libor setting is expected to cease at the end of March 2024, with the FCA stating that firms must continue their active transition efforts ahead of this date.

“Today’s extension for the usage of synthetic USD Libor by the FCA shows how significant the operational challenge has been for financial institutions trying to identify ways to convert their Libor linked derivatives trades,” said Erik Petri, head of triBalance at OSTTRA, speaking exclusively to The TRADE. 

“Firms must use this much needed breathing space to adopt a multilateral approach to portfolio compression and conversion to help them reduce USD Libor switchover risk, optimise capital, and enhance operational efficiency ahead of this revised deadline.”

The post FCA extends expiration deadline of synthetic US dollar Libor to September 2024 appeared first on The TRADE.

As a result of not implementing the MAR trade surveillance requirements properly, Citigroup Global Markets was not able to monitor its trading activities for specific types of insider dealing and market manipulation effectively, the regulator said.

Originally introduced in 2016, the MAR introduced a new requirement to monitor orders as well as trades, to spot potential and attempted market abuse across a wide scope of markets and financial instruments.

“By not fully implementing the new provisions when required, Citigroup Global Markets did not carry its full weight in this partnership, impacting market integrity and the overall detection of market abuse.”

The FCA found that when the new requirement took effect, Citigroup Global Markets failed to properly implement it and took 18 months to pinpoint and assess the specific market abuse risks its business may have been prone to and needed to detect.

The firm’s flawed implementation led to significant gaps in its arrangements, systems, and procedures for additional trade surveillance, according to the FCA.

“The framework for market integrity depends on the partnership between the FCA and market participants using data to detect suspicious trading,” said Mark Steward, executive director of enforcement and market oversight.

“By not fully implementing the new provisions when required, Citigroup Global Markets did not carry its full weight in this partnership, impacting market integrity and the overall detection of market abuse.”

Citigroup Global Markets has agreed to resolve this case, qualifying for a 30% discount – which without, the fine would have been £17,934,030.

“A failure to enforce the MAR trade surveillance requirements is clearly a massive oversight, but this does not mean that the wider industry has not enforced stringent measures to combat market abuse,” said Oliver Blower, ex-Barclays and Bank of America Merrill Lynch, now CEO of fintech firm VoxSmart.

“The Citi fine reinforces why surveillance needs to be looked at on an individual conduct risk assessment basis – which means that very few areas of a large financial institution, if any, that are out of bounds. Working towards a smarter way to monitor trade, markets, and comms data in one single location so that there is more visibility into all activity cross-desk and cross-department, must be the way forward.”

The post Citigroup’s international broker-dealer fined £12.6 million by FCA appeared first on The TRADE.