$10m fine reveals depth of MF Global's failure
The US Commodity Futures Trading Commission has imposed a $10 million fine on the broker MF Global, drawing a line under the 2008 rogue trading incident that cost it $141.5 million.
The CFTC said the broker's internal safeguards had failed four times between 2003 and 2008. In addition to the February 2008 loss, it had failed to obtain proper client authorisation for trades, failed to confirm reported prices actually represented the market, and falsified trading cards to conceal illegal trades.
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