CFTC settles for $25m with pair of bookies over FX option allegations

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By GlobalCapital
03 Oct 2019

The US Commodity Futures Trading Commission has ordered interdealer brokers BGC Financial LP and GFI Securities LLC to pay $25m to settle allegations of FX options market fraud.

The CFTC found that BGC and GFI brokers employed on the emerging markets foreign exchange options desks of BGC Financial and GFI Securities had made false representations that certain bids and offers were executable and that certain trades had occurred.

The orders require BGC and GFI to pay ...

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