EU banks account for half of global market regulation breaches

Seven European banks were responsible for nearly half of all US market regulators’ fines since 2012, a report has shown.

The report, published by market regulation analysist Corlytics, has also shown that 80 percent of global market conduct fines during that period were issued by the US.

Corlytics helps firms and regulatory bodies implement efficient enforcement guidelines for market regulation through legal and risk analysis.

Their findings show that 2015 was a peak year for market abuse practices like foreign exchange rigging, which led to heavy fines from both US and EU regulators.

The data also reveals there have been 139 market bans for officials and senior executives as a result of these breaches. This is followed up by 46 specific activities suspensions, 11 cases of market suspension and 28 cases of imprisonment.

Market conduct refers to consumer protection and ethical codes of practice. The report shows that where breaches did not result in financial fines or payouts, market bans were the most popular alternative sanction.

Prepared and edited by Arthur Velker.

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