Swift given short shrift by tribunal

The Upper Tribunal has dealt decisively with a case of layering that amounted to egregious market abuse: Swift Trade v Financial Services Authority. Nicholas Queree reports.

Nicholas Queree (nqueree@petersandpeters.com) is a legal researcher at law firm Peters & Peters in London.

On 23 January 2013, the Upper Tribunal dismissed a reference brought by 7722656 Canada Inc (formerly carrying on business as Swift Trade Inc) against a decision notice imposed by the FSA, fining the company £8 million for market manipulation. In upholding this fine - one of the largest ever levied by the regulator under its powers to punish market abuse - the tribunal once again demonstrated that those who depart from the basic norms and standards of the market should expect to receive ever increasing financial sanctions.