Trading

FCA fines trading firm Mako over cum-ex deals

Penalty centres around £92bn of ‘circular trades’

Watchdog says dealing was ‘highly suggestive of financial crime’
Watchdog says dealing was ‘highly suggestive of financial crime’ Photo: Hollie Adams/Getty Images

The City regulator has fined London-based firm Mako £1.7m for executing so-called cum-ex trades in the latest crackdown on the practice.

Cum-ex strategies involve duplicating rebates on dividend tax by exploiting loopholes across different jurisdictions.

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