Failure to make reports crucial in preventing potential market abuse have resulted in a fine of £531,000 ($594,000) being imposed on Sigma Broking Limited by the FCA. In addition, three directors have been fined a total of £200,000 ($224,000), with two of them prohibited from holding significant management functions in FCA-regulated firms.

The FCA found that, between December 2014 and August 2016, Sigma did not report, or failed to accurately report, 56,000 CFD transaction to the regulator, and also failed to identify 97 suspicious transactions.

Mark Steward, Executive Director of Enforcement and Market Oversight, said: “Accurate transaction reporting and effective surveillance are crucial tools in identifying dodgy dealing that undermines clean markets. These bans and the scale of the fines we have imposed demonstrate our determination to ensure firms – and those who lead them – meet the reporting standards we expect.”

The full final notice issued to Sigma can be found on the FCA website.