On 20 March 2014, the FCA banned and fined  Mark  Stevenson,  a former  trader  for  Credit Suisse, £662,700 (Stage 1: 30% discount). The FCA concluded that Mr Stevenson engaged in market abuse (market manipulation) (s118(5) FSMA) in respect of the government bond market during the Bank of England’s quantitative easing (QE) programme.  He  was  found  to  have  attempted  to  push  up the price of gilts as the Bank of England was in the process of holding a reverse auction to buy government bonds from companies in its second round of QE. The FCA’s action represents the first enforcement case revolving  around  alleged  market  abuse  of  the  gilt  market.