The Financial Conduct Authority (FCA) has fined Canadian trading firm Swift Trade £8m for market abuse after the Court of Appeal concluded a legal battle that lasted for more than two years.
The FCA said it is imposing its £8m fine on the Canadian firm, which was dissolved in late 2010, for deliberately engaging in market abuse.
Its decision was finalised after the Court of Appeal had upheld an earlier Tribunal's decision to fine the firm.
The decision to fine Swift Trade was first made by the Financial Services Authority (FSA) in May 2011.
It found that the firm had been engaged in a form of manipulative trading known as "layering".
According to the FSA, between 1 January 2007 and 4 January 2008, Swift Trade's manipulative trading caused a succession of small price movements in a wide range of individual shares on the LSE from which the firm made in excess of £1.75m in profits.
The company referred the regulator's decision to the Tribunal in June of the same year.
The Tribunal published its decision, which determined that Swift Trade had engaged in deliberate market abuse, on 23 January 2013.
The company and its former CEO Peter Beck appealed against the Tribunal's decision to the courts, which issued a statement upholding the regulatory fine in mid December last year.
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