Page last updated at 11:16 GMT, Thursday, 8 April 2010 12:16 UK

Financial Services Authority issues 4.2m fine

FSA headquarters
In recent weeks, the FSA has come down hard on corporate corruption

The UK's Financial Services Authority (FSA) has fined three firms a total of £4.2m for failing to provide reports that are used to detect market abuse.

The FSA fined Swiss investment bank Credit Suisse, market maker Getco Europe and broker Instinet Europe.

"(The firms) committed multiple breaches that resulted in failure to provide transaction reports promptly and correctly," the FSA said.

Two of the firms told the BBC that they "regretted" the breaches.

The data is used to detect and investigate suspected market abuse. This includes insider trading and market manipulation.

The FSA said that each firm could have prevented the breaches by carrying out regular reviews of their data. But they failed to do this, "despite repeated reminders".

In response, Richard Balarkas, president of Instinet Europe said:

"We regret the breeches and they've been fixed. We have fully co-operated with the FSA and we're moving on."

In a statement, Credit Suisse also expressed regret in relation to the breach of its transaction reporting obligations.

Print Sponsor

UK's regulators bare their teeth
26 Mar 10 |  Business
FSA to clamp down on mis-selling
12 Mar 10 |  Business
Payment protection rules delayed
09 Mar 10 |  Business
Advisers' commissions under fire
27 Jun 07 |  Business

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

Information Age Credit Suisse fined 1.75m for data compliance failure - 39 mins ago
Telegraph FSA fines three City firms - 56 mins ago
The Scotsman City trio hit with - 15 hrs ago 2nd UPDATE: FSA Fines Credit Suisse GBP1.75 Million For Data Failures - 17 hrs ago
The Independent City firms fined 4.2m for trading data failure - 17 hrs ago

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


Sign in

BBC navigation

Copyright © 2019 BBC. 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