The Upper Tribunal has upheld a fine of £8 million for market abuse (s118(5) FSMA) imposed by the FSA on Canadian company Swift Trade Inc (“Swift Trade”), following referral to the Upper Tribunal by Swift Trade of a Decision Notice issued by the FSA in June 2011. This is the largest fine which the FSA has ever issued against a firm for the manipulating transactions offence under s118(5). Swift Trade and affiliates (including former CEO, Peter Beck) agreed settlements with the Ontario Securities Commission in June 2012, the US Financial Industry Regulatory Authority in July 2012, and the US Securities and Exchange Commission in December 2012.