FSA has decided to fine Swift Trade, a Canadian company not authorised by FSA, £8 million. It found that over the course of a year the company systematically and deliberately engaged in “layering”, which had the effect of causing many small price movements in London Stock Exchange traded investments. FSA thought the conduct particularly serious as it involved thousands of trades and many traders, often acting in concert. It also believed the company deliberately took steps to evade restrictions by refining its trading pattern when concerns were raised with it. Swift Trade is appealing the decision to the Upper Tribunal and is seeking judicial review of FSA’s publication of the decision notice. The company has now been dissolved in Canada. (Source: FSA Publishes Market Abuse Fine Decision)