The Financial Conduct Authority (FCA) has published data on the number of suspicious transactions and order reports it received in 2019 this Friday.
As Finance Magnates has reported extensively, scams within the trading industry, and more specifically the foreign exchange (forex) industry, have been growing, as technology allows fraudsters to be increasingly sophisticated in their scamming tactics.
The data published by the British regulator has been broken down into the following assets – commodity, equity, fixed income, and forex, measured against the following categories – insider dealing, market manipulation, and others.
Taking a look first at forex, for the whole year, the number of FX market manipulation reports received was 69. This is in comparison to the total number of reports, which was 822. Therefore, FX market manipulation reports made up 8.4 percent.
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However, in terms of insider dealing, forex only contributed a small amount, with a total of 7 reports lodged during the year. The total for the year was 444 reports. Therefore, FX contributed only 1.6 percent to the total.
Most reports received in November by the FCA
Breaking down the data into months, November received the largest number of reports with 601 reports lodged during the month. This makes up 11.0 percent of the total for the year, as the total number of combined reports submitted to the British regulators was 5,455.
Out of all the assets, equity by far attracted the most reports regarding suspicious transactions. In fact, the total number of insider dealing equity reports submitted during the year was 4,342, which contributes 93.9 percent to the total.
The same can be seen for market manipulation, with the number of equity reports submitted to the regulator being 492. Again, this makes up the majority of the reports for the year, at 59.9 percent.