Macquarie Fined by UK After Metals Trader Books False Trades

Bloomberg

2024-11-26

(Bloomberg) -- UK authorities fined Macquarie Bank Ltd.’s British unit £13 million ($16.3 million) after a London trader on the firm’s metals desk was able to book fictitious trades to conceal their losses for almost two years.

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Macquarie itself lost $57.8 million after unwinding the positions, the Financial Conduct Authority said Tuesday. The trades had been recorded between June 2020 and February 2022, the FCA said.

Macquarie agreed to resolve the matter and qualified for a 30% discount on the fine, the FCA said, adding that it has banned the trader from the financial services industry.

“The unauthorised trading was isolated to one individual. The unauthorised trading did not affect clients, or the market, and no financial benefit or gain was derived by Macquarie or any other party directly from the activity,” the bank said in a statement.

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©2024 Bloomberg L.P.

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The unauthorised trading did not affect clients, or the market, and no financial benefit or gain was derived by Macquarie or any other party directly from the activity,” the bank said in a statement. \nMost Read from Bloomberg Businessweek\n\nWhat Happens When US Hospitals Go Big on Nurse Practitioners\nWhy the Flying Experience Feels So Much Worse\nThe Charm Bracelet Shop That Keeps Going Viral\nClear’s Dominance in Airports Could Be Coming to an End\nAn Airline’s Florida Resort Dreams Look More Like a Nightmare\n\n©2024 Bloomberg L.P.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"policyRegulatory","news_rank":0,"symbols":[],"gpt_button":0,"code":"91000000","status":"200"}}}