(1) 7722656 Canada Inc (formerly carrying on business as Swift Trade Inc); (2) Peter Beck v Financial Services Authority
(FS/2011/0017, FS/2011/0018, 23 January 2013)
23 Jan 2013
Share
The Upper Tribunal upheld the FSA’s decision to impose a fine of £8 million on Swift Trade for market abuse. The Tribunal found that the Applicant had committed market abuse by trading contracts for difference and that it sought to conceal the abusive trading from regulators. Furthermore, the Tribunal rejected the Applicants’ argument that the misconduct fell outside the statutory market abuse regime because Swift Trade were dealing in contract for differences and not trading directly in shares.
Timothy Otty QC and Simon Pritchard acted for the FSA
