The Complaint alleges that the practices - known as “flying prices” and “printing trades” - were a core part of TFS-ICAP’s broking business. As this case shows, we will continue to vigorously enforce the law, and to hold accountable not just the company, but also the individuals responsible. We are committed to policing the integrity of our markets and to ensuring that pricing information communicated to market participants accurately reflects supply and demand. James McDonald, CFTC Director of Enforcement commented: In addition, the Complaint charges the Chief Executive Officer, Ian Dibb, and the Head of Emerging Markets broking, Jeremy Woolfenden, with the underlying violations and supervisory failures due to their alleged knowledge and/or encouragement of the fraudulent practices. District Court for the Southern District of New York, the CFTC alleges that, from approximately 2008 through 2015, brokers at TFS-ICAP offices in the United States and the United Kingdom routinely attempted to deceive - and did deceive - their clients by engaging in the practices of communicating to them fake bids and offers and fake trades in the foreign exchange options market. (TFS-ICAP) with fraud and supervision failures.
#Tfs icap registration#
The regulator now seeks disgorgements of gains from the CFTC Regulations and Commodity Exchange Act violations alongside registration bans, civil monetary penalties, and permanent injunctions against the defendants.The Commodity Futures Trading Commission (CFTC) has announced that it has charged interdealer broker TFS-ICAP LLC and TFS-ICAP Ltd. They also flashed fake trades which no real counterparties. The brokers even used TFS aliases to match some offers and bids on the platform to create fake impressions of trades when such trades never happened. The CFTC continues to allege that the company reported non-bonafide and fake forex options transactions on its electronic trading platform.
However, it is yet to decide the fate of a motion by Ian Dibb to get rid of a part of the complaint. Jeremy Woolfenden files a motion to dismiss the complaint in which the court dismissed in November. The CFTC suggests that these trades form the core of the company’s broking business. The practice is known as printing trades of flying prices and involves fake trades. The scheme continued between 20 and involved trades in the forex options. What does the CFTC suggest?Īccording to the CFTC complaint, TFS-ICAP brokers located in its UK and US offices deceived or attempted to deceive their clients by participating in communicating fake bids and offers to them.
#Tfs icap trial#
The trial is expected to last for several weeks. Ian Dibb’s counsel is also busy preparing for a federal criminal trial, which is set to begin on Monday, January 6. They also said that a deadline extension would help the parties in continuing the settlement discussions that could help them resolve their matter without spending time and money in preparing an answer. The outcome of this motion could have an impact on the defendant’s answer to the complaint. It said that there is already a Motion to Dismiss Count III pending related to the complaint. The defendants gave the court three reasons to set the late February deadline. Judge Victor Marrero today granted their request and allowed them time till February 21. Ian Dibb, the chief executive officer, and Jeremy Woolfenden, the head of emerging markets brokering, along with TFS-ICAP, requested some time to reply to the CFTC complaint against them. Deadlines for the case were determined by the court on Tuesday. The fraud lawsuit targeting TFS-ICAP and its executives is ongoing at the New York Southern District Court. The US Commodity Futures Trading Commission has charged them with fraud. Ian Dibb, Jeremy Woolfenden, and TFS-ICAP, the three defendants named in a CFTC complaint, have time till February 20 to respond to a CFTC complaint.
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