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FCA fines trading firm Mako over cum-ex deals

City Correspondent

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The City regulator has fined London-based firm Mako £1.7m for executing so-called cum-ex trades in the latest crackdown on the practice.

Cum-ex strategies involve duplicating rebates on dividend tax by exploiting loopholes across different jurisdictions.

Penalty centres around £92bn of ‘circular trades’

Lars Mucklejohn

Financial Regulation

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