Market Oversight Archives - The Industry Spread

FCA Publishes Decision Notices Concerning Cathay International Holdings Limited, its CEO and Finance Director

June 10, 2019

The Financial Conduct Authority (FCA) has today published Decision Notices concerning Cathay International Holdings Limited and 2 of its directors, Mr Jin-Yi Lee and Mr Eric Siu.

The FCA considers that Cathay breached the FCA’s Listing Principles and Disclosure Rules and Transparency Rules (DTR) and has imposed a fine of £411,000. In the FCA’s view, Mr Lee was knowingly concerned in the company’s breaches and so has been fined £214,300. The FCA also considers that Mr Siu was knowingly concerned in one of the company’s breaches and so has been fined £40,200.

CFTC’s Division of Market Oversight Issues Statement on the Certification of ICE Futures U.S., Inc. Submission No. 19-119

May 19, 2019

On February 1, 2019, ICE Futures U.S., Inc. (ICE or Exchange) self-certified[1] an amendment to ICE Rule 4.26 (Order Execution) (ICE Rule) that would allow ICE to implement a new functionality, named Passive Order Protection (“POP functionality” or “functionality”) (Submission). The POP functionality creates a delay or “speed bump” in the processing of incoming “aggressive” orders that would otherwise execute against “resting” or “passive” orders, but does not delay the processing of passive orders or their cancellations or modifications.