Braemar Securities, part of London-listed shipbroking group Braemar, has been hit with a fine after violating regulations on communications and disclosures.
The freight derivatives desk has been fined $140,000 by the National Futures Association (NFA), following a complaint issued in August by the US-based regulator’s Business Conduct Committee.
The broker breached compliance rules by neglecting its obligations related to communication record-keeping and by disclosing customers’ confidential and nonpublic information without consent, according to a decision issued on Wednesday by the NFA hearing panel.
