CFTC fines BGC, GFI $25 million for FX options fraud
Regulator says emerging markets FX options brokers used fake bids and offers to induce clients to trade
Two interdealer brokers will pay a combined $25 million to the US Commodity Futures Trading Commission to resolve claims that their emerging markets foreign exchange options brokers used fake bids and offers to induce clients to trade at prices that were not executable.
BGC Financial and GFI Securities entered into an order with the CFTC on September 30 to pay $15 million and $10 million in civil monetary penalties, respectively. The two firms did not admit or deny wrongdoing.
However, the
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