RegulationJul 30 2014

City watchdog fines former trader £450k

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The City watchdog has fined a former market trader £450,000 for market abuse. In a final notice, the FCA said for Ian Hannam stating that it has fined him £450,000, after it found that he engaged in two instances of market abuse.

The FCA found that Mr Hannam had disclosed inside information other than in the proper course of his employment in two emails dated 9 September and 8 October 2008.

Tracey McDermott, the FCA’s director of enforcement and financial crime, said: “This has been a long and complex case but the Tribunal’s substantial judgment is a landmark. It should leave market participants in no doubt that casual and uncontrolled distribution of inside information is not acceptable in today’s markets.

“Controlling the flow of inside information is a key way of preventing market abuse and we would urge all market participants to pay close attention to the judgment.”