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Firms fined £4.2 million for not supplying transaction data

Published on 8 Apr 2010 under category: legal

Three firms have been fined for failing to supply transaction data to the financial services watchdog.

The Financial Services Authority (FSA) put the measures in place earlier this year, in a bid to root out insider trading.

Credit Suisse, Instinet and Getco received a £4.2 million fine in total for "multiple breaches" of reporting procedures that resulted in them supplying late and inaccurate data on daily market transactions.

Alexander Justham, director of markets, said: "Firms must meet their obligation to provide accurate and timely data.

"Without quality data we cannot properly detect and investigate market abuse, identify market wide risks or have a comprehensive understanding of the activities of each firm."

It was found that the firms had ignored warnings throughout 2007 and 2008 about putting checks and procedures in place.

The FSA has recently vowed to strengthen its stance on insider training, by adopting a more interventionist and supervisory role.