Brokerage director appeals £5.95m cum-ex fine on "huge" Danish trading

By Neasa MacErlean

The FCA proposes to ban the CEO of a small City of London brokerage and fine him £5.95 million for cum-ex trading, representing the sixth occasion on which the regulator has publicly brought disciplinary action over large amounts of trading in Danish equities. Investigations into other firms or individuals are "continuing". The decision regarding Nailesh Teraiya, chief executive of Indigo Global Partners Ltd, is still provisional as he has referred it to the Upper Tribunal.