On 15 May 2016, the Financial Conduct Authority (“FCA”) published the final notice issued against Martin Brokers (UK) Ltd for misconduct relating to the JPY LIBOR and for failing to have adequate risk management systems or effective controls in place to monitor its broking activity. The FCA fined the broker-dealer £630,000, an amount reduced by 75 percent because of the inability of Martin Brokers to pay the full fine.

The final notice is available at: http://fca.org.uk/static/documents/final- notices/martin-brokers-uk-ltd.pdf.