Financial Services Industry
Industry: Email Alert RSS FeedThe Untouchables and the law.
Financial Adviser, April, 2008
Byline: Jamie Curle
In assembling its arsenal to fight financial crime, the FSA's enforcement division hopes to emulate its US counterpart, the Securities and Exchange Commission, by using plea bargaining to crack criminal gangs guilty of systemic market abuse.
The FSA has spent the last few years quietly arming itself for the battle against market abuse, launching a financial crime division and developing the Sabre II computer system to track all-share sales in the City and to identify suspicious trades.
The scale of the task facing the FSA was revealed in its second market cleanliness report of 2007 which identified share price movements ahead of nearly 24 per cent of takeover announcements.
It is no surprise, then, that the FSA's...
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