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

Fine yellow card booking
CFTC: Brokers created an illusion of greater liquidity and tighter spreads

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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact customer services - www.fx-markets.com/static/contact-us, or view our subscription options here: https://subscriptions.fx-markets.com/subscribe

You are currently unable to copy this content. Please contact info@fx-markets.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to FX Markets? View our subscription options

You need to sign in to use this feature. If you don’t have a FX Markets account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: