FSA: Industry should police itself on market abuse

Firms and individuals are to be encouraged to self-report on instances of market abuse, a senior Financial Services Authority (FSA) figure has said.

In a speech to the City and Financial Market Abuse Conference earlier this week, the FSA's head of wholesale enforcement Jamie Syminton said "the front line in the battle against market abuse is the industry itself". "We have expectations on firms and individuals, clearly set out, to take action that will prevent market abuse and help to police it. "We hope that market practitioners will do so voluntarily, because it is in the wider best interests of all market participants that market abuse is minimised. "But where we see firms or individuals failing in breach of their duties to p...