The regulator is increasingly concerned about web-based trading platforms, which are widely used for rates and fixed income products, and have identified gaps in firms’ surveillance of activity on these platforms.
"We are concerned that requirements for market abuse surveillance are still not being fully met, 5 years after the introduction of the Market Abuse Regulation (MAR) in 2016." - FCA Market Watch Newsletter 68
According to the FCA, trade details for trades executed on web-based platforms are generally recorded in users’ trade booking systems. However, users do not always systematically record the related order messages that precede execution, and those orders which do not result in a trade (including cancellations and amendments).
The FCA emphasises that capturing and monitoring orders as well as trades is necessary to effectively and consistently identify potential market abuse.