London Broker Shuttered Over Regulator’s Financial Crime Risks

A London-based brokerage has been closed by a court order after the firm attracted regulatory scrutiny over potential financial crime risks.

IBP Markets Limited, a wholesale broker that provided more than 40 clients with execution and custody services, was placed into a so-called special administration process by a London judge on Friday. The firm holds around £36 million ($44 million) of client money and £653 million of client custody assets, according to a filing prepared for the hearing.

The administration order follows action by the UK’s Financial Conduct Authority that placed limits on the amount of business that ...