Cantor Fitzgerald Ireland hit with six-figure fine for failing to report suspicious transactions

The regulator says the stockbroking firm’s conduct in failing to report suspicious transactions on six sample occasions was “reckless”. Cantor has admitted to the breach, and the original fine of €646,840 was reduced by 30pc by way of a settlement discount.

Up to two weeks ago the chairman and CEO of Cantor Fitzgerald was Howard Lutnick, but the outspoken billionaire stepped aside on being confirmed as President Donald Trump’s commerce secretary. Lutnick has criticised Ireland’s trade imbalance with the US, saying last November it was “nonsense that Ireland, of all places, runs a trade surplus at our expense”.

The Central Bank ruled that Cantor Fitzgerald, which entered the Irish market in 2012, failed on a number of occasions to report suspicious transactions or orders – known as STORs – that might have indicated market abuse.

Cantor also failed to consistently escalate suspicious transactions internally, and to document its analysis of them. The six cases covered…

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Independent.ie