FCA fines Macquarie Bank for fictitious trades https://t.co/Ibvxb2QC31
Macquarie fined $16 mln in UK over more than 400 fictitious trades https://t.co/Lzc869jn6j https://t.co/7sM38CQC0q
Macquarie Fined by UK After Metals Trader Books False Trades Macquarie lost $57.8 million unwinding trading positions Junior trader banned from the financial services industry https://t.co/yeWYIA296Y
UK authorities have imposed a £13 million fine on Macquarie Bank’s British unit following an incident where a trader on the firm’s metals desk executed over 400 fictitious trades to mask losses. The financial watchdog, the Financial Conduct Authority (FCA), highlighted that the bank incurred losses of $57.8 million while unwinding these trading positions. Additionally, the junior trader involved has been banned from the financial services industry as a result of this misconduct. The fine represents a significant regulatory action against the bank for its failure to maintain proper trading practices.
