Cum-Ex trading was a controversial practice where shares were rapidly traded to earn duplicate tax refunds on dividend payments. In September, Cologne opened another formal investigation into alleged tax evasion on Cum-Ex trades against the unit. The deal more than doubled its revenue, but has left the firm with a number of headaches in the form of regulatory and criminal probes. TP ICAP emerged as the world’s biggest inter-dealer broker after Tullett Prebon bought the voice-broking business of arch-rival ICAP from city grandee Michael Spencer in December 2016. Prosecutors in Cologne and Frankfurt obtained new orders allowing them to seize documents earlier this year, as part of proceedings against the unit and its employees, according to a court document filed by the firm. ![]() (Bloomberg) - A TP ICAP Plc unit is accused of being “a spider in the web” of controversial Cum-Ex trading by German prosecutors, who have targeted it with search warrants and multiple investigations.
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