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Financial Services Authority fines City Index £490,000

21st January 2011 8:55 am GMT

The UK Financial Services Authority (FSA) has imposed a fine of close to £0.5m on the spread betting firm City Index Ltd., for failing to accurately report approximately 2 million transactions over a two year period.

Under FSA regulations, firms are required to submit data for reportable transactions by close of business the day after a trade is executed, in order to enable the FSA to detect and investigate suspected market abuse including insider trading and [...]

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