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FSA probe into illegal trading

The FSA is reported to be focusing its investigation into illegal trading on the top 20 fund managers with significant investments abroad.

The regulator&#39s probe into abuses of market timing and late trading follows a similar investigation by authorities in the US headed by New York attorney general Eliot Spitzer which found the practices to be widespread.

The FSA investigation is looking at concerns that hedge funds may be using market timing in a way that disadvantages individual long-term investors.

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