GXG Markets

Dr. Jonathan Levy made this Freedom of Information request to The Financial Conduct Authority

This request has been closed to new correspondence from the public body. Contact us if you think it ought be re-opened.

The request was refused by The Financial Conduct Authority.

Dear The Financial Conduct Authority,

We are seeking records and materials including, trading data, investigations, complaints, texts and emails regarding the Danish FSA licensed entity known as GXG Markets that consisted of a stock exchange and two Multilateral Trading Facilities that operated from 2011 to August 18, 2015 at:

Warnford Court
29 Throgmorton Street
London, EC2N 2AT

Yours faithfully,

Dr. Jonathan Levy

The Financial Conduct Authority

Thank you for e-mailing the Financial Conduct Authority's Information Access Team. This is an automatic acknowledgement to tell you we have received your email safely. Please do not reply to this email. We wil be in touch in due course.

This communication and any attachments contain information which is confidential and may be subject to legal privilege. It is for intended recipients only. If you are not the intended recipient you must not copy, distribute, publish, rely on or otherwise use it without our consent. Some of our communications may contain confidential information which it could be a criminal offence for you to disclose or use without authority. If you have received this email in error please notify [email address] immediately and delete the email from your computer.

The FCA (or, if this email originates from the PSR, the FCA on behalf of the PSR/the PSR) reserves the right to monitor all email communications for compliance with legal, regulatory and professional standards.

This email is not intended to nor should it be taken to create any legal relations or contractual relationships. This email has originated from the Financial Conduct Authority (FCA), or the Payment Systems Regulator (PSR).

The Financial Conduct Authority (FCA) is registered as a limited company in England and Wales No. 1920623. Registered office: 25 The North Colonnade, Canary Wharf, London E14 5HS, United Kingdom

The Payment Systems Regulator (PSR) is registered as a limited company in England and Wales No. 8970864. Registered office: 25 The North Colonnade, Canary Wharf, London E14 5HS, United Kingdom

Switchboard 020 7066 1000
Web Site http://www.fca.org.uk (FCA); http://www.psr.org.uk (PSR)

Freedom of Information, The Financial Conduct Authority

1 Attachment

Our reference: FOI4203

 

Dear Dr Levy

 

We refer to your request under the Freedom of Information Act 2000 (the
“Act”) for the following information:

 

‘We are seeking records and materials including, trading data,
investigations, complaints, texts and emails regarding the Danish FSA
licensed entity known as GXG Markets that consisted of a stock exchange
and two Multilateral Trading Facilities that operated from 2011 to August
18, 2015 at:

 

Warnford Court

29 Throgmorton Street

London, EC2N 2AT ‘

 

Your request has now been considered. I can confirm we hold some
information that falls within scope of your request, however, to answer
your request in full would exceed the FCA’s statutory cost limit for
complying with freedom of information requests, as contained within the
Freedom of Information and Data Protection (Appropriate Limit and Fees)
Regulations 2004, and so the exemption to disclosure in section 12 of the
Act applies. 

 

As you may be aware, as a regulator the FCA holds a significant volume of
information on the firms it has correspondence with or regulates. In order
for us to determine exactly what we hold, it would require us to review a
vast number of records which could potentially be held across a number of
departments across the FCA.  We therefore consider that to fully comply
with your request would exceed the cost limit. For a more detailed
explanation as to why section 12 of the Act applies, please refer to Annex
A.

 

I realise that you may be disappointed with this decision but I hope you
understand why we are not able to process your request. Please refer to
Annex A for advise on how your request could be refined or limited to fall
within the cost limit under section 12 of the Act.

 

Yours sincerely

Information Access Team

[1]FCA_

Financial Conduct Authority

25 The North Colonnade

Canary Wharf

London

E14 5HS

 

The contents of this email and any attachment are classified as FCA
RESTRICTED unless stated otherwise.

 

Your right to complain under the Act

If you are unhappy with the decision made in relation to your request, you
have the right to request an internal review.  If you wish to exercise
this right you should contact us within three months of the date of this
response.

If you are not content with the outcome of the internal review, you also
have a right of appeal to the Information Commissioner at Information
Commissioner's Office, Wycliffe House, Water Lane, Wilmslow, Cheshire SK9
5AF. Telephone: 01625 545 700. Website: [2]www.ico.org.uk

 

Annex A

 

Section 12 (Cost of compliance exceeds appropriate limit)

 

The Act requires us to comply with a request, unless it would be too
expensive to do so, as estimated in accordance with the Freedom of
Information and Data Protection (Appropriate Limit and Fees) Regulations
2004.  The regulations provide that, for the FCA, the cost limit is £450,
i.e. 18 hours at the rate of £25 per person hour.  The regulations allow
us to take into account when estimating the cost of complying with a
request the time spent determining whether we hold the information
requested, locating and retrieving it, and extracting the information from
the relevant document(s).

 

As explained above, we hold a large volume of information for the firms we
have correspondence with or regulate which is not recorded or held in a
readily extractable format. For one department alone, over 400 files would
need to be reviewed in order to establish whether we hold information
relevant to your request.  Therefore, to process your request would
require our records to be manually accessed to determine the information
relevant to your request. This exercise would take well in excess of 18
hours. On that basis, we estimate that the cost of retrieving the
information you have requested would far exceed the £450 limit.

Further, to ensure we have captured all information, we would need to
approach other departments in the FCA that may hold information relevant
to your request. As our policy is not to divert our resources from our
regulatory functions in order to meet requests under the Act in excess of
the cost limit, we will not carry out an exercise to identify the
information you have requested. 

When we refuse a request because the appropriate limit has been exceeded,
it is our general policy to provide advice and assistance to the applicant
to indicate how the request could be refined or limited to stand a greater
chance of falling within the cost limit. For example, if you are willing
to focus your request on the activities of a particular FCA division, or
restrict the request to a particular topic, this may increase the
likelihood that your request will fall under the statutory cost limit
under Article 12 of the Act.

You should note that, in reaching the conclusion that your request exceeds
the appropriate cost limit, we have not considered whether any other
exemptions apply. 

If you wish us to consider a refined request, you will need to submit a
new request which will be processed under the Act within 20 working days
of receipt.

 

 

 

This communication and any attachments contain information which is
confidential and may be subject to legal privilege. It is for intended
recipients only. If you are not the intended recipient you must not copy,
distribute, publish, rely on or otherwise use it without our consent. Some
of our communications may contain confidential information which it could
be a criminal offence for you to disclose or use without authority. If you
have received this email in error please notify [email address]
immediately and delete the email from your computer.

The FCA (or, if this email originates from the PSR, the FCA on behalf of
the PSR/the PSR) reserves the right to monitor all email communications
for compliance with legal, regulatory and professional standards.

This email is not intended to nor should it be taken to create any legal
relations or contractual relationships. This email has originated from the
Financial Conduct Authority (FCA), or the Payment Systems Regulator (PSR).

The Financial Conduct Authority (FCA) is registered as a limited company
in England and Wales No. 1920623. Registered office: 25 The North
Colonnade, Canary Wharf, London E14 5HS, United Kingdom

The Payment Systems Regulator (PSR) is registered as a limited company in
England and Wales No. 8970864. Registered office: 25 The North Colonnade,
Canary Wharf, London E14 5HS, United Kingdom

Switchboard 020 7066 1000

Web Site http://www.fca.org.uk (FCA); http://www.psr.org.uk (PSR)

 

References

Visible links
2. http://www.ico.org.uk/

Dr. Jonathan Levy

Dear FCA Information Access Team:

In order to assist you in staying within your cost parameters, we would agree to restrict this request accordingly:

1. The request is modified to cover the 2014 & 2015 calendar years only.
2. The request is further limited to information in the possession of the following two FCA divisions:
Enforcement and market oversight
Markets policy and international

Yours sincerely,

Dr. Jonathan Levy

The Financial Conduct Authority

Thank you for e-mailing the Financial Conduct Authority's Information Access Team. This is an automatic acknowledgement to tell you we have received your email safely. Please do not reply to this email. We wil be in touch in due course.

This communication and any attachments contain information which is confidential and may be subject to legal privilege. It is for intended recipients only. If you are not the intended recipient you must not copy, distribute, publish, rely on or otherwise use it without our consent. Some of our communications may contain confidential information which it could be a criminal offence for you to disclose or use without authority. If you have received this email in error please notify [email address] immediately and delete the email from your computer. Further information on the classification and handling of FCA information can be found on the FCA website.

The FCA (or, if this email originates from the PSR, the FCA on behalf of the PSR/the PSR) reserves the right to monitor all email communications for compliance with legal, regulatory and professional standards.

This email is not intended to nor should it be taken to create any legal relations or contractual relationships. This email has originated from the Financial Conduct Authority (FCA), or the Payment Systems Regulator (PSR).

The Financial Conduct Authority (FCA) is registered as a limited company in England and Wales No. 1920623. Registered office: 25 The North Colonnade, Canary Wharf, London E14 5HS, United Kingdom

The Payment Systems Regulator (PSR) is registered as a limited company in England and Wales No. 8970864. Registered office: 25 The North Colonnade, Canary Wharf, London E14 5HS, United Kingdom

Switchboard 020 7066 1000
Web Site http://www.fca.org.uk (FCA); http://www.psr.org.uk (PSR)

Dr. Jonathan Levy

Dear The Financial Conduct Authority,

Re: Youur reference: FOI4203

On October 5, 2015 we offered to restrict the request to fall within the alleged parameter set forth by the FCA; we have had no response. We will await your reply to the amended request and production of the records requested which FCA has indicated that it holds.

Yours faithfully,

Dr. Jonathan Levy

The Financial Conduct Authority

Thank you for e-mailing the Financial Conduct Authority's Information Access Team. This is an automatic acknowledgement to tell you we have received your email safely. Please do not reply to this email. We wil be in touch in due course.

This communication and any attachments contain information which is confidential and may be subject to legal privilege. It is for intended recipients only. If you are not the intended recipient you must not copy, distribute, publish, rely on or otherwise use it without our consent. Some of our communications may contain confidential information which it could be a criminal offence for you to disclose or use without authority. If you have received this email in error please notify [email address] immediately and delete the email from your computer. Further information on the classification and handling of FCA information can be found on the FCA website (http://www.fca.org.uk/site-info/legal/fc...).

The FCA (or, if this email originates from the PSR, the FCA on behalf of the PSR/the PSR) reserves the right to monitor all email communications for compliance with legal, regulatory and professional standards.

This email is not intended to nor should it be taken to create any legal relations or contractual relationships. This email has originated from the Financial Conduct Authority (FCA), or the Payment Systems Regulator (PSR).

The Financial Conduct Authority (FCA) is registered as a limited company in England and Wales No. 1920623. Registered office: 25 The North Colonnade, Canary Wharf, London E14 5HS, United Kingdom

The Payment Systems Regulator (PSR) is registered as a limited company in England and Wales No. 8970864. Registered office: 25 The North Colonnade, Canary Wharf, London E14 5HS, United Kingdom

Switchboard 020 7066 1000

Web Site http://www.fca.org.uk (FCA); http://www.psr.org.uk (PSR)

Dr. Jonathan Levy left an annotation ()

FCA's initial response is that it cannot be bothered to do any search for records it confirms it holds because it is too busy regulating. If true, FCA is in violation of the spirit if not the letter of the FOI statute. As a solicitor I am appalled by the attitude of the FCA.

Freedom of Information, The Financial Conduct Authority

1 Attachment

Our reference: FOI4235

 

Dear Dr Levy

 

Thank you for refining your request under the Freedom of Information Act
2000 (“the Act”) for   information relating to GXG Markets.  A full
summary of your request is shown in Annex A.

 

Your request has now been considered.  However, the way in which it has
been refined still exceeds the cost limit. This is because the two
divisions would have to review a vast number of records which are spread
across multiple folders in our electronic systems. Further to this, we
have found that the information you have requested is not recorded or held
in a central or readily extractable format. As you are aware, GXG Markets
is not one of the firms we regulate, so any reference made to GXG Markets
could potentially be held in any one of our firm files who use them as a
trading platform.

 

On that basis, to answer your request would still exceed the cost limit
provided for the FCA by the Ministry of Justice.  For a detailed
explanation as to why this exemption applies, please refer to Annex B.

 

I realise that you may be disappointed with this decision but I hope you
can understand why we are not able to process your request.

 

Yours sincerely

 

Information Access Team

[1]FCA_

Financial Conduct Authority

25 The North Colonnade

Canary Wharf

London

E14 5HS

 

The contents of this email and any attachment are classified as FCA
RESTRICTED unless stated otherwise.

 

Your right to complain under the Act

If you are unhappy with the decision made in relation to your request, you
have the right to request an internal review.  If you wish to exercise
this right you should contact us within three months of the date of this
response.

If you are not content with the outcome of the internal review, you also
have a right of appeal to the Information Commissioner at Information
Commissioner's Office, Wycliffe House, Water Lane, Wilmslow, Cheshire SK9
5AF. Telephone: 01625 545 700. Website: [2]www.ico.org.uk

 

Annex A

 

Original request –

 

“We are seeking records and materials including, trading data, 
investigations, complaints, texts and emails regarding the Danish FSA 
licensed entity known as GXG Markets that consisted of a stock exchange 
and two Multilateral Trading Facilities that operated from 2011 to August 
18, 2015 at:

 

Warnford Court

 

29 Throgmorton Street

 

London, EC2N 2AT”

 

Refined request dated 05 October 2015 –

 

“1.  The request is modified to cover the 2014 & 2015 calendar years only.

2.  The request is further limited to information in the possession of the
following two FCA divisions:

Enforcement and market oversight

Markets policy and international”

 

Annex B

 

Section 12 (Cost of compliance exceeds appropriate limit)

 

The Act requires us to comply with a request, unless it would be too
expensive to do so, as estimated in accordance with the Freedom of
Information and Data Protection (Appropriate Limit and Fees) Regulations
2004 made by the Department of Constitutional Affairs (now Ministry of
Justice).  The regulations provide that, for the FCA, the cost limit is
£450, i.e. 18 hours at the rate of £25 per person hour.  The regulations
allow us to take into account when estimating the cost of complying with a
request the time spent determining whether we hold the information
requested, locating and retrieving it, and extracting the information from
the relevant document(s).

 

As explained above, to identify whether we hold any relevant
correspondence that falls within scope of your request would require
extensive searches. On that basis, we estimate that the cost of retrieving
the information you have requested would exceed the £450 limit.

As our policy is not to divert our resources from our regulatory functions
in order to meet requests under the Act in excess of the cost limit, we
will not carry out an exercise to identify the information you have
requested. 

When we refuse a request because the appropriate limit has been exceeded,
it is our general policy to provide advice and assistance to the applicant
to indicate how the request could be refined or limited to come within the
cost limit. As explained above, even with the request being refined, we
have found, due to our records not being held in a readily extractable
format, we are unable to assist you with providing a way in which to
refine your request in order to obtain the information you are interested
in within the cost limit.

You should note that, in reaching the conclusion that your request exceeds
the appropriate cost limit, we have not considered whether any other
exemptions apply, for example, whether section 44 FOIA (prohibitions on
disclosure) applies because information is ‘confidential information’ for
the purposes of section 348 of the Financial Services and Markets Act. 

 

 

 

This communication and any attachments contain information which is
confidential and may be subject to legal privilege. It is for intended
recipients only. If you are not the intended recipient you must not copy,
distribute, publish, rely on or otherwise use it without our consent. Some
of our communications may contain confidential information which it could
be a criminal offence for you to disclose or use without authority. If you
have received this email in error please notify [email address]
immediately and delete the email from your computer. Further information
on the classification and handling of FCA information can be found on the
FCA website
(http://www.fca.org.uk/site-info/legal/fc...).

The FCA (or, if this email originates from the PSR, the FCA on behalf of
the PSR/the PSR) reserves the right to monitor all email communications
for compliance with legal, regulatory and professional standards.

This email is not intended to nor should it be taken to create any legal
relations or contractual relationships. This email has originated from the
Financial Conduct Authority (FCA), or the Payment Systems Regulator (PSR).

The Financial Conduct Authority (FCA) is registered as a limited company
in England and Wales No. 1920623. Registered office: 25 The North
Colonnade, Canary Wharf, London E14 5HS, United Kingdom

The Payment Systems Regulator (PSR) is registered as a limited company in
England and Wales No. 8970864. Registered office: 25 The North Colonnade,
Canary Wharf, London E14 5HS, United Kingdom

Switchboard 020 7066 1000

Web Site http://www.fca.org.uk (FCA); http://www.psr.org.uk (PSR)

 

References

Visible links
2. http://www.ico.org.uk/

Dr. Jonathan Levy

Dear Financial Conduct Authority,

Please pass this on to the person who conducts Freedom of Information reviews.

I am writing to request an internal review of The Financial Conduct Authority's denial of my FOI request 'GXG Markets" which was limited as follows in an attempt to accommodate FCA:

In order to assist you in staying within your cost parameters, wewould agree to restrict this request accordingly:

1. The request is modified to cover the 2014 & 2015 calendar years
only.
2. The request is further limited to information in the possession
of the following two FCA divisions:
Enforcement and market oversight
Markets policy and international

I have made a reasonable request of FCA and have further refined and limited it. Yet FCA refuses to initiate the FOI request on an arbitrary and capricious ground that it might be too difficult to execute and therefore refuses to provide any information.

The subject of the request is a Danish regulated entity that operated a European regulated stock exchange and two multi-lateral trading facilities in London. Since FCA was not the primary regulator of this exchange, the request should be neither voluminous nor onerous. I have further defined and limited the request by date and department yet FCA refuses to initiate any search for documents.

Under the criteria utilized by FCA in denying this request any FCA request per se will be denied because FCA may have to expend some time searching for the information requested that could potentially exceed 4 hours. The FCA responses are contrary to the letter and spirit of the FOI law. Further, FCA indeed has electronically indexed records and may initiate a request therefrom. The fact that FCA might potentially miss a record would be a rather inconsistent reason for denying the entire request. The denials provided so far sounds like FCA keeps it records on handwritten index cards which surely is not the case.

Therefore please initiate this request in good faith as has been reasonably limited by the requesting party.
A full history of my FOI request and all correspondence is available on the Internet at this address: https://www.whatdotheyknow.com/request/g...

Yours faithfully,
Dr. Jonathan Levy
Solicitor of the Senior Courts of England and Wales.

The Financial Conduct Authority

Thank you for e-mailing the Financial Conduct Authority's Information Access Team. This is an automatic acknowledgement to tell you we have received your email safely. Please do not reply to this email. We wil be in touch in due course.

This communication and any attachments contain information which is confidential and may be subject to legal privilege. It is for intended recipients only. If you are not the intended recipient you must not copy, distribute, publish, rely on or otherwise use it without our consent. Some of our communications may contain confidential information which it could be a criminal offence for you to disclose or use without authority. If you have received this email in error please notify [email address] immediately and delete the email from your computer. Further information on the classification and handling of FCA information can be found on the FCA website (http://www.fca.org.uk/site-info/legal/fc...).

The FCA (or, if this email originates from the PSR, the FCA on behalf of the PSR/the PSR) reserves the right to monitor all email communications for compliance with legal, regulatory and professional standards.

This email is not intended to nor should it be taken to create any legal relations or contractual relationships. This email has originated from the Financial Conduct Authority (FCA), or the Payment Systems Regulator (PSR).

The Financial Conduct Authority (FCA) is registered as a limited company in England and Wales No. 1920623. Registered office: 25 The North Colonnade, Canary Wharf, London E14 5HS, United Kingdom

The Payment Systems Regulator (PSR) is registered as a limited company in England and Wales No. 8970864. Registered office: 25 The North Colonnade, Canary Wharf, London E14 5HS, United Kingdom

Switchboard 020 7066 1000

Web Site http://www.fca.org.uk (FCA); http://www.psr.org.uk (PSR)

Freedom of Information Appeals, The Financial Conduct Authority

1 Attachment

Our Ref:          FOI4235

 

Dear Dr Levy,

 

Freedom of Information: Right to know request

 

I am writing to acknowledge receipt of your e-mail dated 2 November and
confirm that we are reviewing our decision of the information request you
made under the Freedom of Information Act 2000, which we have allocated
the FCA reference FOI4235. 

 

We will contact you again as soon as possible.  If it is likely to take
more than 20 working days from the date of receiving your request to reach
a view, we will write to you again.

 

Yours sincerely

 

Karen Mullins

Associate / Information Access Team / Finance & Operations / Operations

[1]FCA_

Financial Conduct Authority

25 The North Colonnade

Canary Wharf

London

E14 5HS

 

Tel:    +44 (0)20 7066 9214
Fax:   +44 (0)20 7066 9261

[2]www.fca.org.uk

 

 

This communication and any attachments contain information which is
confidential and may be subject to legal privilege. It is for intended
recipients only. If you are not the intended recipient you must not copy,
distribute, publish, rely on or otherwise use it without our consent. Some
of our communications may contain confidential information which it could
be a criminal offence for you to disclose or use without authority. If you
have received this email in error please notify [email address]
immediately and delete the email from your computer. Further information
on the classification and handling of FCA information can be found on the
FCA website
(http://www.fca.org.uk/site-info/legal/fc...).

The FCA (or, if this email originates from the PSR, the FCA on behalf of
the PSR/the PSR) reserves the right to monitor all email communications
for compliance with legal, regulatory and professional standards.

This email is not intended to nor should it be taken to create any legal
relations or contractual relationships. This email has originated from the
Financial Conduct Authority (FCA), or the Payment Systems Regulator (PSR).

The Financial Conduct Authority (FCA) is registered as a limited company
in England and Wales No. 1920623. Registered office: 25 The North
Colonnade, Canary Wharf, London E14 5HS, United Kingdom

The Payment Systems Regulator (PSR) is registered as a limited company in
England and Wales No. 8970864. Registered office: 25 The North Colonnade,
Canary Wharf, London E14 5HS, United Kingdom

Switchboard 020 7066 1000

Web Site http://www.fca.org.uk (FCA); http://www.psr.org.uk (PSR)

 

References

Visible links
2. http://www.fca.org.uk/

Freedom of Information Appeals, The Financial Conduct Authority

2 Attachments

Our Ref:          FOI4235

 

Dear Dr Levy,

 

Freedom of Information: Right to know request

 

Please find attached the outcome of the FCA's review of your information
request with the above reference made under the Freedom of Information Act
2000. 

 

Thanking you.

 

Yours sincerely

 

Karen Mullins

Associate / Information Access Team / Finance and Business Services 

[1]FCA_

Financial Conduct Authority

25 The North Colonnade

Canary Wharf

London

E14 5HS

 

Tel:    +44 (0)20 7066 9214
Fax:   +44 (0)20 7066 9261

[2]www.fca.org.uk

 

 

This communication and any attachments contain information which is
confidential and may be subject to legal privilege. It is for intended
recipients only. If you are not the intended recipient you must not copy,
distribute, publish, rely on or otherwise use it without our consent. Some
of our communications may contain confidential information which it could
be a criminal offence for you to disclose or use without authority. If you
have received this email in error please notify [email address]
immediately and delete the email from your computer. Further information
on the classification and handling of FCA information can be found on the
FCA website
(http://www.fca.org.uk/site-info/legal/fc...).

The FCA (or, if this email originates from the PSR, the FCA on behalf of
the PSR/the PSR) reserves the right to monitor all email communications
for compliance with legal, regulatory and professional standards.

This email is not intended to nor should it be taken to create any legal
relations or contractual relationships. This email has originated from the
Financial Conduct Authority (FCA), or the Payment Systems Regulator (PSR).

The Financial Conduct Authority (FCA) is registered as a limited company
in England and Wales No. 1920623. Registered office: 25 The North
Colonnade, Canary Wharf, London E14 5HS, United Kingdom

The Payment Systems Regulator (PSR) is registered as a limited company in
England and Wales No. 8970864. Registered office: 25 The North Colonnade,
Canary Wharf, London E14 5HS, United Kingdom

Switchboard 020 7066 1000

Web Site http://www.fca.org.uk (FCA); http://www.psr.org.uk (PSR)

 

References

Visible links
2. http://www.fca.org.uk/