The FSA has fined a Canadian trading platform £8m for serious market abuse but the firm has referred the matter to the Upper Tribunal.
The regulator said in a decision notice it intends to fine Swift Trade £8m for manipulative trading on the the London Stock Exchange (LSE) but the non-FSA authorised Canadian firm has referred the matter to the Upper Tribunal. It will then determine the appropriate action for the regulator to take. In the decision notice dated 6 May 2011, the FSA set out its decision to fine Swift Trade for systematically and deliberately engaging 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 tradin...
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