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ED&F Man Capital Markets fined £17.2m for cum-ex trading scandal

The fine is by far the largest from the UK watchdog over the ongoing cum-ex scandal

The FCA has issued its third fine over the cum-ex scandal

Bloomberg via Getty Images
By
Jeremy Chan

Commodities brokerage ED&F Man Capital Markets has been fined more than £17m for their role in cum-ex trading by the Financial Conduct Authority.

The FCA said that between February 2012 and March 2015, ED&F made £20m in illegitimate claims in withholding tax to Danish Authorities. The firm made more than £5m in fees from these claims, it said.

Cum-ex...