The Tribunal has upheld FSA’s decision to levy an £8 million fine on Swift Trade for “layering”. This is the highest fine ever for market manipulation. When the London Stock Exchange raised concerns in 2007 about Swift Trade’s trading activity, the firm changed its Direct Market Access (DMA) provider to avoid detection. FSA has said it expects brokers and DMA providers to monitor their clients’ trading activity closely to ensure it is not abusive and report suspicious transactions. (Source: Tribunal Upholds FSA Decision to Fine Firm £8m for Market Abuse)