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Biggest ever market abuse fine handed out by FSA

The FT reports that the FSA has handed out its biggest ever market abuse fine to a Dubai-based investor of $9.6million.

The FT state this is likely to be the first of many such large fines.

Tracey McDermott, acting FSA enforcement director, said. “The impact of such behaviour goes far beyond one counterparty. Market confidence will suffer if participants cannot be satisfied that the price of quoted securities reflects the proper interplay of supply and demand.”