Economy

xchrom

(108,903 posts)

27. Probes See U.K. Market Manipulation Reports Rise 43%

Mon Dec 23, 2013, 07:55 AM

Dec 2013

http://www.bloomberg.com/news/2013-12-23/probes-see-u-k-market-manipulation-reports-rise-43-.html

Reports of suspected market manipulation soared by 43 percent this year as the U.K. financial regulator investigated the rigging of multiple benchmark rates.

The Financial Conduct Authority received 117 reports of suspected “distortion and manipulation” of markets in the 12 months to August, compared with 82 in 2012, according to Bovill Ltd, a financial services consultant in London.

The FCA in 2013 has opened investigations into currency-rigging, issued a second wave of fines for manipulation of the London interbank offered rate, and levied its first fine against a high-frequency trader for manipulating commodities markets.

“Regulated businesses now know just how seriously regulators and politicians will treat market manipulation,” said Mark Spiers, Bovill’s head of wealth management. “They know that they can only expect leniency if they report pro-actively suspected cases of market manipulation that they come across.”

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