Always cool: being an insider. Never cool: insider trading. The list of those acting, well, not very cool in Old Blighty is growing apace, with the U.K.’s Financial Services Authority taking swings at a Swiss bank (three guesses and the first two don’t count which one that is) and one of London’s oldest trading firms, which, incidentally, it already targeted less than a week ago. As office premises are duly raided and nearly a dozen traders are arrested, here are a few more reasons why it’s important to consider that just because you’re paranoid, doesn’t mean they’re not after you.
Workers at the Swiss bank UBS and JPMorgan Cazenove, one of the oldest names in the City of London, were arrested for alleged insider dealing on Tuesday as police raids sent a chill through the UK capital’s trading rooms.
The arrests mark the third high-profile action the Financial Services Authority has taken in the past week over insider trading, in a sign of a tougher approach to a problem the regulator believes is rife in the Square Mile and a threat to the integrity of the markets.
City of London police and 40 FSA officials arrested eight people and raided premises throughout London and England’s south-east in what the regulator described as “a major ongoing investigation into insider dealing rings”.
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