Infinox Capital Limited has been fined £99,200 by the UK's Financial Conduct Authority after failing to submit 46,053 transaction reports over a six-month period, a breakdown that left tens of thousands of single-stock CFD trades invisible to the regulator and created a blind spot in which market abuse could have gone undetected.
The penalty, set out in a final notice, is the first enforcement action the FCA has taken against a firm for a transaction reporting breach since the requirement became law under the UK Markets in Financial Instruments Regulation (MiFIR). For a retail forex and CFD broker, it is an uncomfortable distinction to be the first to hold.
A Six-Month Blind Spot
Transaction reports exist so that regulators can see the market and detect abuse. When Infinox failed to report 46,053 trades, the FCA was effectively blind to a slice of the market for the duration of the breach. The failure covered the majority of an entire business line for six months.
Infinox discovered the issue internally — but did not proactively report it to the regulator. The FCA spotted the gap independently. Proactive disclosure of control failures is a core expectation of authorised firms, and the decision not to pick up the phone is a significant part of what makes this case notable.
Why the Precedent Matters
Steve Smart, the FCA's joint executive director of enforcement and market oversight, underlined the importance of accurate and timely reporting and of firms bringing failures to the regulator's attention, warning that such failures could allow market abuse to go undetected and put market integrity at risk.
Infinox agreed to a settlement and received a 30% discount on the fine, reflecting its cooperation — not a downplaying of the seriousness of the control failure. As the FCA's first MiFIR transaction reporting case, it signals that reporting integrity is a first-order obligation, and that discovering a breach internally does not absolve a firm of the duty to disclose it. The message to retail forex and CFD brokers is clear: a surveillance gap is an enforcement risk regardless of whether actual abuse occurred.
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What This Means for Infinox Clients
A £99,200 fine will not trouble Infinox's balance sheet. What should interest its clients is what the case reveals about the firm's controls. For six months, the majority of an entire business line went unreported, and when Infinox found the gap itself, it chose not to notify the regulator.
Transaction reporting exists so that abuse cannot hide in the dark. The size of the penalty is the least interesting thing here — the silence is the story.
Infinox remains FCA-authorised and continues to operate. For traders, this is a reminder that a broker's reporting discipline and its willingness to self-report failures are part of the trust equation, alongside spreads and platform quality.
About the Company
About Infinox Capital Limited
Regulator
FCA (United Kingdom)
Action Type
Final Notice — Reporting Failure
Penalty
£99,200 (after 30% discount)
Headquarters
London, United Kingdom
Infinox Capital Limited is a London-based retail forex and CFD broker authorised and regulated by the Financial Conduct Authority. It offers contracts for difference across forex, indices, commodities, and single stocks to retail and professional clients.
The firm is part of the wider international Infinox group, which markets trading services to clients across multiple regions through additional regulated entities.
Editor's note & source: Factual points are drawn from the FCA's final notice and press release. This article is not legal advice. Last updated: 18 July 2026.