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As the UK economy continues to dive bomb towards recession the Bank of England has given its most blatant indication to date that interest rates will fall again in January. The indication was that...
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Tuesday 29th July 2008
While the Financial Services Authority (FSA) has been very vocal in its pursuit of those who use and abuse the stock market in the UK, until now this has all been with very little end product. However, 40 members of the FSA, assisted by the City of London Police, raided a number of offices this morning in connection with alleged insider trading. The move has received widespread acclaim from regulators and the authorities but there is still a long long way to go.
The turn of the century saw the FSA receive a number of new legal powers to strengthen the fight against insider trading and other forms of market abuse. While there have been very few details released about today’s eight arrests there are suggestions that the case had been ongoing for some time. It comes only a few days after a former Cazenove high flyer was arrested on a number of alleged insider dealing related charges, resulting in Malcolm Calvert being remanded on bail.
Historically insider trading cases have been amongst the more difficult to prove, often because of the complexity, with even those which had looked water tight cases floundered in front of a jury. It is very early days for today’s operation but there are signs that the authorities are looking to crackdown on market related abuse. |
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