FCA investigates Tullett Prebon for wash trades
Interdealer broker announces probe in its trading statement; records drop in revenues
The UK's Financial Conduct Authority (FCA) is investigating Tullett Prebon in relation to wash trades, the interdealer broker stated in its quarterly trading update, as the list of regulatory probes into financial markets practices continues to grow.
Wash trades are risk-free transactions that take place without any real commercial interest or economic purpose, for which the brokerage is paid.
Tullett Prebon said the investigation focuses on two former employees, one of whom is Noel Cryan, whom
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