Page last updated at 15:12 GMT, Wednesday, 24 March 2010

New insider dealing arrest made

FSA headquarters in London
The FSA is determined to crack down on insider dealing

A seventh man has been arrested in London in connection with the Financial Services Authority's (FSA) largest operation yet against insider dealing.

The investigation is a joint venture between the FSA - the City's watchdog - and the Serious Organised Crime Agency.

So far, none of the seven people arrested have been formally identified.

On Tuesday, 16 addresses in London, the South East and Oxfordshire were raided and papers and computers were seized from homes and businesses.

Three financial institutions are known to have workers caught up in the operation: hedge fund Moore Capital, leading German bank Deutsche Bank and Exane BNP, which is 50% owned by French bank BNP Paribas.

The FSA is probing private dealings by the traders, rather than trades for the firm.

The companies say they are co-operating with the investigation.

It is alleged the City professionals passed inside information to traders, either directly or via middlemen.

The traders then allegedly acted on this information and made significant profits as a result.

This latest operation is the fifth set of arrests carried out by the Financial Services Authority in connection with insider dealing in the past two years.



Print Sponsor


SEE ALSO
City traders arrested in FSA raid
23 Mar 10 |  Business
Market abuse 'unacceptably high'
14 Mar 10 |  Business
Insider deals broker 'to appeal'
12 Mar 10 |  Surrey

RELATED INTERNET LINKS
The BBC is not responsible for the content of external internet sites



FEATURES, VIEWS, ANALYSIS
Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit

BBC navigation

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.

Americas Africa Europe Middle East South Asia Asia Pacific