Dubai broker firm generated over £5m in fees from 'illegitimate tax reclaims'

Mark Battersby
clock • 2 min read

The UK's Financial Conduct Authority has fined ED&F Man Capital Markets Ltd (MCM) £17.2m for "serious failings which enabled millions in illegitimate tax reclaims" involving the trading strategy of a Dubai based trading firm within the same corporate group. The serious failings in its oversight of cum-ex trading allowed MCM to collect fees for trading strategies designed to enable its clients to illegitimately reclaim tax from the Danish authorities, the regulator said.  Between February 2012 and March 2015 MCM enabled significant volumes of dividend arbitrage trading on behalf of cli...

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