TP ICAP Global Markets Americas has agreed to pay a fine of $80,000 as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).

From at least September 2020 until March 2025, TP ICAP failed to establish and maintain a supervisory system reasonably designed to achieve compliance with applicable securities laws and regulations and FINRA rules prohibiting potentially manipulative trading, in violation of FINRA Rules 3110(a), 3110(b), and 2010.

First, from September 2020 until March 2025, the firm lacked a supervisory system reasonably designed to detect potential spoofing and layering activity.

From September 2020 until November 2023, for example, the firm lacked any surveillance or supervisory review designed to detect potential spoofing and layering. In November 2023, the firm

implemented a surveillance report intended to detect instances of potential spoofing and layering but did not establish written supervisory procedures that identified the report or how it was to be reviewed.

In March 2025, the firm revised its written supervisory procedures to address use of the surveillance report, including by describing the report, the party responsible for its review, the actions to be taken by the reviewer, and the frequency of review.

Second, from September 2020 until March 2023, the firm’s surveillance parameters were too narrow to reasonably detect instances in which customers potentially marked the close. In September 2020, the firm revised the parameters it used to conduct reviews of daily trading blotters to identify potential marking the close. The revised parameters unreasonably limited the firm’s surveillance for marking the close to transactions that were executed in the last five minutes of trading and comprised greater than 25% of that day’s trading volume in the security being traded. Marking the close is not so limited and can occur in orders that are smaller than 25% of a day’s trading volume.

As a result of the firm’s unreasonably narrow surveillance parameters, the firm failed to identify red flags of marking the close in 45 transactions.

In March 2023, the firm revised its procedures, implementing an automated exception-based surveillance report with expanded parameters designed to identify red flags of marking the close transactions.

Third, from at least September 2020 until April 2022, the firm’s surveillance parameters were too narrow to reasonably identify potentially manipulative wash trades. The firm’s review parameters unreasonably limited the firm’s surveillance for potential wash trades to trades that occurred in the same millisecond.

Manipulative wash trading is not limited to trades that occur in the same millisecond. By limiting its review to transactions occurring in the same millisecond, the firm failed to identify red flags of wash trading in eight transactions.

In April 2022, the firm amended its procedures to expand the review parameters for wash trade surveillance.

For these violations, the firm is censured, fined $80,000, and required to certify within 180 days that it has implemented a supervisory system reasonably designed to remediate the supervisory failures.

TP ICAP has been registered with FINRA since 1966. The firm, which has its headquarters in New York, has approximately 515 registered representatives and eight branch offices.