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...
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