TP ICAP Global Markets Americas LLC

ChapmanAlbin is investigating potential claims on behalf of investors impacted by supervisory failures at TP ICAP Global Markets Americas LLC, a New York-based brokerage firm with over 500 registered representatives.

According to a recent FINRA enforcement action, TP ICAP has been censured and fined $80,000 for failing to establish and maintain a supervisory system reasonably designed to detect and prevent potentially manipulative trading activity. These failures persisted from at least September 2020 through March 2025 and involved significant gaps in the firm’s surveillance for spoofing, layering, wash trades, and marking the close—tactics that can distort market prices and harm investors.

Key findings from FINRA’s investigation include:

• The firm lacked any spoofing or layering surveillance until late 2023 and failed to implement proper supervisory procedures for reviewing such activity until 2025.

• From 2020 to 2023, TP ICAP’s reviews for “marking the close” were limited to only large-volume trades in the final five minutes of trading, allowing dozens of questionable transactions to go undetected.

• The firm’s system only flagged wash trades that occurred in the same millisecond—an overly narrow approach that missed several suspicious trades.

As part of the settlement, TP ICAP must implement new supervisory procedures and certify that it has addressed the deficiencies outlined in FINRA’s action.

If you or your institution traded through TP ICAP and are concerned about exposure to market manipulation or inadequate oversight, contact ChapmanAlbin. Our team is currently reviewing claims involving institutional trading misconduct and supervisory breakdowns.

Call 1-877-410-8172 or visit chapmanalbin.com for a free case evaluation.