FXCM UK因非对称性滑点被FCA处以400万英镑的罚款

FXCM Ltd和FXCM 证券（统称为“FXCM UK”）被FCA处以高达400万英镑的罚款。

罚款原因：FXCM集团旗下美国分公司通过非对称性滑点剥夺原本应该支付给FXCM UK客户的将近600万英镑（9,941,970美元）的盈利款；FXCM UK隐瞒FXCM集团因非对称性滑点被美国监管局调查一案。

FXCM集团曾经也因同样违规行为即非对称性滑点被美国监管局调查，但是FXCMUK并未向FCA报告此事。FCA保证受此次风波影响FXCM UK客户能够得到全额赔偿，赔偿款会直接转入他们的账户。

FCA市场总监David Lawton说到，“客户如果因为公司的违规行为而蒙受损失，这会削弱他们对英国金融市场完整性的信心。FCA将通过行使监管和执行权力，制定相关规则来规范受监管公司的行为，确保公司不会剥削客户盈利，不会利用客户对其的信任而进行违规操作。”

FCA金融犯罪执法部总监TraceyMcDermott说道，“FXCMUK不仅没有按照监管规则公平对待客户，更让我失望的是，FXCM在面对FCA时，选择隐瞒事实。我希望所有公司都能坚持用户至上的原则。目前，FCA已采取措施确保受此次非对称性滑点风波影响的FXCM UK的所有客户得到赔偿。”

零售交易客户在FCXM UK交易的OTC订单（即滚动现货FX合约）是由FXCM集团旗下另一个机构FXCM LLC执行的。2006年8月至2010年12月期间，FXCM集团在客户下单到FXCM UK以及FXCM集团执行订单的这段时间中，按照有利于自身利益的价格执行订单，从中获利。当价格不利于自身时，把所有的损失转嫁给客户，这就是我们通常所说的非对称性滑点。

同时，FXCM UK无法核实它的订单操作系统是否有效。其订单执行政策是否符合FCA的最优执行（以最优的价格执行订单）。

最优执行规则要求公司采取合理措施，为客户提供最安全的交易平台，并公平对待客户（FCA法则6）。这两点FXCM UK 都没有做到。

2010年7月，美国当局对其境内的FXCM业务进行过调查。FXCM UK董事会（FXCM 集团高层）是清楚此次调查的，但他们并未上报FCA. 这一行为违背了FCA法则11，FCA法则11：受监管公司在FCA面前，应做到公开透明。 

直到2011年8月FCA才了解到美国当局调查FXCM集团的事件，这时FCA开始对FXCM UK展开调查，以确保受此次风波影响的客户得到赔偿。

FXCM UK also failed to tell the FCA that the US authorities were investigating another part of the FXCM Group for the same misconduct. The FCA has ensured that FXCM UK’s clients will be fully compensated, with credit automatically paid to their accounts.  David Lawton, the FCA's director of markets, said:

“When consumers lose out because of poor conduct it undermines confidence in the integrity of our markets. The FCA will use all the tools at its disposal – supervision, rule-making and enforcement – to ensure that firms do not exploit conflicts of interest or the trust placed in them by their clients.”

Tracey McDermott, the FCA’s director of enforcement and financial crime, said:

“Not only did FXCM UK fail to treat its customers fairly or correctly apply our rules, I am particularly disappointed that it was not transparent in its dealings with the FCA. We expect all firms to put customers at the heart of their business, and we have taken action to ensure clients of FXCM UK will get redress.”

FXCM UK placed ‘over the counter’ foreign exchange transactions known as rolling spot forex contracts on behalf of retail clients, which were then executed by another part of the FXCM Group. Between August 2006 and December 2010, the FXCM Group kept profits from favourable market movements between the time the orders were placed by FXCM UK and executed by the FXCM Group, while any losses were passed on to clients in full – a practice known as asymmetric price slippage.  

FXCM UK also failed to check that its order execution systems were effective, and whether its order execution polices complied with the FCA’s rules on best execution.

These rules require firms to take reasonable steps to secure the best possible deal for their clients. The FCA also expects firms to treat their customers fairly (FCA principle 6) – FXCM UK fell short of both of these standards.

In July 2010, the US authorities launched an investigation into FXCM’s business in the US. Although senior managers of the FXCM Group sat on the Board of FXCM UK and knew about the investigation, FXCM UK failed to alert the FCA. This breached the FCA’s requirement that firms are open and cooperative with the regulator (FCA principle 11).  

Once it became aware of the investigation in August 2011, the FCA stepped in to review FXCM UK and secure redress for affected consumers.

查看原文：

http://www.fca.org.uk/news/fca-fines-fxcm-uk-4-million-for-making-unfair-profits-and-not-being-open-with-the-fca

2014年2月24日，FCA发布了关于FXCM的最终决议

1，2006年8月1日到2010年12月17日，FXCM Ltd因操作非对称性滑点违反了FCA法则6（客户利益）以及最优执行法则，处以罚款320万英镑，另外自通告发起之日至2015年6月8日之间，FXCM Ltd将支付赔偿款$9,828,677，无人认领的赔偿款将计入罚款总额。FCA责令FXCM Ltd必须在2014年3月10日之前交清320万英镑罚款。

2，FXCM证券违反了FCA法则6和最优执行法则，处以公开警告。

3，2010年7月至2011年8月，FXCM UK隐瞒FXCM集团被调查一事，违反了FCA法则11，罚款80万英镑。FCA责令FXCM UK必须在2014年3月10日之前交清80万英镑罚款。

4，FXCM集团从2010年5月14日至2010年12月17日期间，通过正滑点从FXCM证券公司的用户那里违规获利$113,293

5，FXCM UK同意向英国客户支付总额为$9,941,970的赔偿款，分别是FXCM Ltd 赔偿款$9,828,677， FXCM证券赔偿款$113,293

FCA最终决议：

http://www.fca.org.uk/static/documents/final-notices/forex-capital-markets-limited.pdf

编者寄语：

1. FCA希望各公司在为追求自身利益的同时，也应该采取合理的措施为零售客户和专业投资者以最优价格执行订单。FCA的市场监管部多次强调这些制度，并针对多个市场的订单执行展开了主题讨论会。

2. 柜台交易是指双方建立场外货币市场的双边交易。这也意味着终端客户能获得的利润很大程度上依赖于对手方提出的价格。此外，一旦开仓，合同生效，客户就不能再做其他选择，即使他们认为在其他公司能获取更大的收益。

3. 滚动现货货币交易是指：双方协商价格，买卖FX合约，是一种延迟付款的交易方式。或是通过汇率的差价获利或亏损，也就是差价合约。

4. FCA相关商业准则：受监管公司应公平公正对待每一位客户，并支付客户应得利益。（法则6—客户利益）。公司在对待监管机构时应采取公开、合作的相处方式，并且应该向FCA提供FCA需要了解的相关信息。（与监管机构的关系—法则11）

5. 受FXCM风波影响损失超过1美元的英国客户将得到赔偿。凡是持有老账户且该账户被关闭的客户需要与 FXCM UK重新签订协议，之后客户就能享有赔偿款，赔偿款将在60天内到账。除了罚款之外，任何没人认领的赔偿款都将转移至FCA。除去FCA调查这起案件的成本，剩余款将上交至英国财政部。

6. 此次事件调查过程中，FXCM配合FCA的调查，同意在案件早期解决问题，FCA同意减少20%的罚款。在不享有折扣的情况下，FXCM需要支付的罚款高达500万英镑。

7. 这次执法行动与FCA正在调查的货币市场交易无关。

1.The FCA expects firms to take reasonable steps to obtain the best possible results for retail and professional clients when executing orders on their behalf (‘best execution’). The FCA highlighted these rules in the most recent edition of Market Watch, and is undertaking a thematic review of best execution across a number of markets.

2.Forex markets are ‘over the counter (OTC)’ – based on bilateral transactions between counterparties in the market. This means end-clients rely heavily on the price quoted by the counterparty acting on their behalf. In addition, once opened, contracts cannot be transferred between firms. As a result, clients cannot shop around once they have traded, even if they think that they can get a better result elsewhere.

3.Rolling spot foreign exchange transactions are:
contracts to buy or sell foreign exchange where prices are agreed but payment is made later, or
contracts where the profit made or loss avoided depends on changes in the exchange rate (known as ‘contracts for difference’).

4.The relevant FCA principles for business:
A firm must pay due regard to the interests of its customers and treat them fairly (customer interest - principle 6)
A firm must deal with regulators in an open and cooperative way, and must disclose to the FCA appropriately anything related to the firm of which the FCA would reasonably expect notice (relations with regulators – principle 11).

5.FXCM UK’s customers who lost more than $1 as a result of the firms’ execution practices will have their accounts credited within 60 days. FXCM UK will contact customers who no longer hold an account to notify them that their accounts have been temporarily reopened for these purposes.

6.Any unclaimed funds will be passed to the FCA in addition to the fine. Once the FCA has recovered the costs related to enforcement cases, the balance is passed to HM Treasury.

7.FXCM UK agreed to settle at an early stage of the FCA’s investigation, qualifying for a 20% discount. Without the discount, the total fine would have been ￡5,000,000.

8.This enforcement action is unrelated the FCA’s ongoing investigation into trading on the foreign exchange market.

查看原文：

http://www.fca.org.uk/news/fca-fines-fxcm-uk-4-million-for-making-unfair-profits-and-not-being-open-with-the-fca