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FSA fines three City firms £4.2 million

The Financial Services Authority (FSA) has been flexing its muscles yet again with the announcement of fines totalling £4.2 million served against three firms in the City of London. Credit Suisse was fined £1.75 million, market maker Getco Europe £1.4 million and broker Instinet Europe was hit with a £1.05 million. The fines have been served due to repeatedly failing to provide trading figures to the regulator to assist with the monitoring of market abuse.

Figures from the FSA indicate that over 1,000 financial firms in the City of London provide in excess of 8 million transaction reports to the FSA on a daily basis. This information forms the core of the authority's market abuse investigations and without full disclosure it can be difficult to trace and track potential cases which need further attention.

The FSA confirmed that the three companies in question had "committed multiple breaches" between 2007 and 2008 with regards to providing prompt and correct data. However, there is no insinuation whatsoever that the companies were involved in any cases of market abuse or insider trading. However, this does perfectly illustrates how strict the FSA has become over the last couple of years with regards to market abuse, insider trading and lack of prompt reporting by some financial companies.

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