This morning’s operation involved 40 FSA staff, assisted by officers from City of London Police. It forms part of the FSA’s ongoing work to combat market abuse.
The regulator says no further details can be confirmed at this time.
CMS Cameron McKenna financial services partner Simon Morris says: “The FSA has promised a credible deterrent against rule breaches and that it would crack down hard on financial crime. These media-friendly early morning arrests are tailor made to fit this bill.
“The FSA is sending out a powerful message and it now needs to deliver against that message. The FSA has cried wolf too often on enforcement matters and the market will be watching closely for concrete results.”