FSA: More work needed on front line of market abuse

The Financial Services Authority (FSA) has said it plans more education of firms and invention to curb market abuse on the ‘front line' of financial services.

Speaking at an event in London, Patrick Spens, head of market monitoring at the FSA, which will become part of the Financial Conduct Authority (FCA), said the regulator expects firms to perform surveillance in as close to real time as possible to monitor orders and transactions. The warning was directed at trading platforms and investment firms, however the FSA has written to all firms which have the permission ‘arranging deals in investments' to remind them of their obligations under the Suspicious Transaction Report (STR) regime. Spens said some of the responses it received as part ...