Let’s recall that, according to the CFTC Complaint, from approximately 2008 through 2015, brokers at TFS-ICAP offices in the United States and the United Kingdom attempted to deceive and deceived their clients by engaging in the practices of communicating to them fake bids and offers and fake trades in the foreign exchange options market. Lastly, the extension is seen to enable the parties to continue settlement discussions that could resolve the matter as to all defendants without the time and expense required to prepare an answer.
#Tfs icap trial
Secondly, counsel for Ian Dibb is presently preparing for a federal criminal trial that is scheduled to begin on Januand last for multiple weeks. First, there is a pending Motion to Dismiss Count III of the Complaint, the outcome of which could impact each of the defendants’ answer. The defendants requested the Court to set this deadline due to three reasons. The time for the defendants to answer or otherwise move with respect to the complaint in this action is now extended to February 21, 2020. Judge Victor Marrero has granted a request by the defendants regarding the deadline for replying to the complaint by the Commodity Futures Trading Commission (CFTC) against them. The lawsuit targeting TFS-ICAP, the Chief Executive Officer, Ian Dibb, and the Head of Emerging Markets broking, Jeremy Woolfenden, continues at the New York Southern District Court, with some deadlines determined earlier today. TFS-ICAP is not associated with UK broker dealer TP ICAP.The defendants will have until Februto file their responses to the CFTC complaint charging them with fraud. TFS-ICAP has accepted the FCA’s ruling, which qualified the firm for a 30% discount and reduced the original fine from £4.92m to £3.44m.
The FCA’s investigation included assistance from the Commodity Futures Trading Commission in the US. “The market should also take notice that the opacity of such practices, while forensically challenging, is no bar to action either.” Mark Steward, executive director of enforcement and market oversight at the FCA, said: “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. The FCA called the practice “opaque and unrecorded”. It also found that the firm did not react to warning signs printing was taking place, thereby failing to act with due skill, care and diligence. Printing is used to encourage customers to trade, even if they were not planning to.Īccording to the regulator, the TFS-ICAP did not observe proper standards of market conduct by allowing printing to take place. Printing involves brokers telling clients that a trade had occurred at a certain price and/or quantity, when in fact no such trade has taken place. The City watchdog said that between 20, brokers at TFS-ICAP had openly carried out the practice of "printing" trades.
#Tfs icap professional
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