The FCA fined Forex Capital Markets Limited and FXCM Securities Limited (together “FXCM Ltd”) £4,000,000 on 24 February 2014 for breaching Principles 6 and 11. Between 1 August 2006 and 17 December 2010 FXCM Ltd treated customers unfairly by not passing on favourable price movements in rolling spot FX trades and instead retaining the benefit, reducing customers’ ability to profit. Between July 2010 and August 2011 the firm failed to be open and co‑operative by not disclosing to the FCA that US authorities had opened an investigation into the group and that the group later settled and paid redress for asymmetric pricing. FXCM settled at an early stage and received a 20% settlement discount (the uncapped penalty would have been £5,000,000).