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Swift Trade challenges regulator’s £8m ruling

The FSA has fined trading platform Swift Trade £8m for market abuse.

It says the firm, which is a non-FSA-authorised Canadian company with global operations, has been fined for systematically and deliberately engaging in manipulative trading.

The FSA says between January 1, 2007 and January 4, 2008, Swift’s trading caused a succession of small price movements in individual shares on the London Stock Exchange, making the firm profits in excess of £1.75m.

Swift Trade has referred the matter to the Upper Tribunal, an independent judicial body, and has started judicial review proceedings to challenge the FSA’s decision.

On June 9, Swift Trade obtained a High Court injunction to prevent publication of the decision notice. That injunction concluded on August 16 following the Upper Tribunal’s decision to reject another application to prevent its publication.

On August 26, the High Court dismissed a further application for an interim injunction to prevent the FSA from publishing the notice.

In December 2010, Swift Trade was voluntarily dissolved under Canadian law.

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