News

Law

Asset Management

Investment Banking

Wealth

Hedge Funds

People

Newsletters

Events

Lists

Trading

Macquarie fined £13m over London trader’s ‘fictitious trades’

UK arm of Australian bank fined over systems and controls failings

The UK regulator said Macquarie failed to fix weaknesses in its systems Hollie Adams/Bloomberg via Getty Images
The UK regulator said Macquarie failed to fix weaknesses in its systems Hollie Adams/Bloomberg via Getty Images

Macquarie has been fined £13m by the Financial Conduct Authority after one of its London metal traders was able to carry out more than 400 “fictitious trades”.

The FCA fined the London arm of the Australian bank over “significant weaknesses” in its systems and controls, and its failure to put in plans to fix them.

WSJ Logo