The FCA has imposed its first MiFIR transaction reporting fine on Infinox Capital.

3 February 2025
Infinox Capital Limited has been hit with a £99,200 fine by the Financial Conduct Authority (FCA) for failing to submit 46,053 required transaction reports. This marks the FCA’s first penalty for non-compliance with the UK Markets in Financial Instruments Regulation (MiFIR) transaction reporting obligations.

The failure occurred between October 1, 2022, and March 31, 2023, when Infinox did not report transactions for single-stock contracts for difference (CFD) trades conducted via a corporate brokerage account, a key component of its business. The oversight was discovered during a third-party review, yet Infinox did not proactively notify the FCA. Instead, the breach was uncovered independently by the FCA, revealing gaps in Infinox’s systems and controls related to managing high-risk investment products.

Steve Smart, the FCA’s joint executive director of enforcement and market oversight, emphasized the significance of accurate and timely transaction reporting. “As a data-driven regulator, it is crucial that firms submit accurate and timely transaction reports and immediately inform us of any failures. Infinox’s failure to do so allowed the potential for market abuse to go undetected, undermining market integrity,” he said.

The FCA continues to vigilantly monitor market data to detect misconduct and uphold market integrity.