… and has made it on to the front page of the Independent along with picture of a dealing desk from 1980s, which is presumably some sort of nod to Oliver Stone’s film Wall Street.
The reason for the Indy’s sudden interest in insider dealing is an interview with the FSA’s head of enforcement Margaret Cole, who talks about her mission to clean up the City and reveals three more cases are about to go criminal.
“I know of at least three other investigations which we are close to commencing as criminal proceedings. And I know of several other investigations which are being conducted on a criminal investigative basis.”
She added that decisions on the remaining cases would depend on what the evidence justified.
The FSA, of course, has made much of the fact that it has just arrested a ” senior corporate financier” as part of an ongoing investigation into suspected organised insider trading.
However, reports over the weekend indicate that the FSA may not have caught the big fish that will make the really naughty people operating in and around the Square Mile sit up and take notice.
From Saturday’s Daily Telegraph.
Christian Littlewood, a banker with Shore Capital, is the man arrested by the Financial Services Authority earlier this week as part of the City watchdog’s crackdown into insider trading, The Daily Telegraph has learnt. Mr Littlewood recently joined stock broking firm Shore Capital’s corporate finance team, after having spent a decade at leading investment bank Dresdner Kleinwort. On Tuesday, the FSA said it had arrested a man and a woman as “part of the FSA’s work to tackle market abuse”.
Related links:
FSA finds its snarl – FT Alphaville
On insider dealing, City watchdog is finding its snarl – FT.com
The FSA guide to insider dealing – FT.com