Summary
The FCA has fined Infinox Capital Limited £99,200 for failing to submit 46,053 transaction reports.
Infinox is a contracts for difference (CFD) broker and although it identified the single-stock CFDs through a third-party review, it did not report these transactions to the FCA.
This is a violation of Article 26(1) of UK MiFIR, which requires firms to report details of their transactions in a timely manner.
The FCA detected the breach through its own investigation and consequently fined Infinox for the risk of market abuse which could have occurred with the lack of the reporting of these transactions.
Although the FCA has issued transaction reporting failure fines before, this is the first fine which goes directly under the UK MiFIR regime since it has become law.
Next Steps
Firms are encouraged to continuously submit all details of their transactions in a timely manner
Read the full press release from the FCA here - https://www.fca.org.uk/news/press-releases/fca-issues-first-fine-transaction-reporting-failures-under-mifir