Canadian trading platform Swift Trade has dropped a legal battle against the Financial Services Authority (FSA).
In August, the FSA published a decision notice fining Swift Trade, a non-FSA authorized firm, £8m for manipulative trading. However, Swift Trading referred the matter to the Upper Tribunal for judicial review. It has now voluntarily withdrawn its case. The FSA said Swift Trade had been layering, which involves entering large orders on one side of the London Stock Exchange order book, artificially affecting the balance of supply and demand to affect share prices. Swift Trade profited from these share price movements by at least £1.75m between 2007 and 2008, the FSA said.
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