Market abuse concern for FSA

Industry watchdog disappointed with a number of managers' attempts to tackle market abuse

The Financial Services Authority has branded measures taken by a number of hedge fund firms to tackle market abuse as "disappointing." The FSA visited a range of hedge fund firms and banks to gauge whether the potential for market abuse had risen because of hedge funds' increasing activity. Although the authority plans to follow up initial meetings with a series of fact-finding sessions, it said it was disappointed by some of what it saw. In its newsletter on Market Conduct and Transaction, the regulatory body said: "Some hedge fund managers had a high level of awareness and appropria...