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A conflict of interest is a conflict that arises in the course of TP ICAP providing its customers with a service which may benefit TP ICAP (or another customer for whom TP ICAP is acting) whilst potentially damaging another customer’s interests (where TP ICAP owes a duty to that customer).
A conflict of interest may arise in circumstances where TP ICAP or a member of its staff:
TP ICAP has internal policies and procedures in place which require all staff (staff shall include managers, employees and tied agents of TP ICAP, or any person directly or indirectly linked to TP ICAP by control) to identify and escalate any identified conflicts of interest in accordance with a formal escalation process. Such internal obligations enable the Group to continually identify new conflicts of interest which arise in its business and to implement those measures required to adequately monitor, manage and control the potential impact of those conflicts on its customers.
The purpose of this is to:
As a last resort, where there is no other means of managing the conflict or where the measures in place do not, in the view of TP ICAP, sufficiently protect the interests of customers, the conflict of interest will be disclosed to customers to enable an informed decision to be made by the customer as to whether they wish to continue doing business with TP ICAP in that particular situation. Such disclosures with be made to clients prior to conducting business on their behalf.
Finally, where TP ICAP considers it is not able to manage the conflict of interest in any other way it may decline to act for a customer.
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