As market abuse fines soar for firms across the globe, RegTech (Regulatory Technology) scaleup eflow Global today launches a ‘Market Abuse Health Check’ for firms who want to remain compliant.
Regulatory action against market abuse and surveillance shortcomings has been extensive so far this year. JP Morgan has recently been fined $200m by the CFTC, Citigroup was fined by the FCA, BaFin and PRA, and the FCA, SEC and CFTC, ASIC (Australia) and SFC (Hong Kong) all imposed insider trading fines during the first half of 2024. Moreover, responding to a series of non-compliance cases, SEBI (India) also introduced new market abuse controls and regulations.
Amid the regulators’ global effort to clamp down on market abuse, eflow’s ‘Health Check’ will see Jonathan Dixon, industry specialist and eflow’s Head of Surveillance, provide businesses with bespoke insights on how to combat the threat of market abuse within their organisations.
Jonathan brings a wealth of knowledge and experience in market abuse surveillance, most recently by leading eflow’s participation in the FCA’s Market Abuse Surveillance Tech Sprint to help address industry challenges and discuss future innovation in the sector. Jonathan’s depth of expertise will ensure that participating firms receive an impartial and detailed assessment informed by decades of real-world experience.
Commenting on the launch of the programme, Jonathan said: “The only thing more expensive than an effective compliance programme is not having an effective compliance programme. National competent authorities are proactively and regularly reviewing regulated firms’ Market Abuse Risk Assessments, in addition to taking a qualitative approach to their suspicious transaction and order report output. This means that it is more important than ever for firms to not only understand the risks inherent in how they operate, but to be able to demonstrate how they have dealt with that risk.”
Ben Parker, CEO and founder of eflow Global, added: “As global regulatory enforcement action ramps up, it’s vital that firms have robust processes in place to mitigate market abuse within their organisations and avoid significant fines. Jonathan has transformed the regulatory compliance strategies of a wealth of businesses during his 15 years in specialist roles at the likes of Kraken, Accenture and Barclays. His depth of technical knowledge and ‘hands on’ experience will ensure our ‘Market Abuse Health Check’ is a vital step towards compliance for all financial services firms.”
eflow Global offers award-winning solutions for market abuse surveillance, best execution, transaction-cost analysis, transaction reporting and eComms surveillance. The company currently services over 120 clients across five continents, providing both buy-side and sell-side firms with highly configurable digital tools that are designed to keep them compliant and competitive in this ever-changing regulatory landscape.
If you’d like to claim your Market Abuse health check, please get in touch here: https://lp.eflowglobal.com/market-abuse-health-check