A top US regulator has fined a unit of TP Icap $13m for making false statements and failing to supervise its voice brokers, forcing the interdealer broker to strengthen its approach to compliance.
The Commodity Futures Trading Commission said on September 16 that $11m of the fine was for failing to supervise voice brokers on one of its interest-rate swaps desks. The remaining $2m was for “making false or misleading statements”.