Canadian trading platform Swift Trade has dropped an application for a judicial review against the Financial Services Authority (FSA).
Swift Trade and its chief executive Peter Beck had sought a judicial review over the FSA’s decision to publish a decision notice from August, which disclosed a £8 million fine for market abuse. Swift Trade dropped the legal action earlier this month after losing a court case seeking an injunction to prevent the publication of the decision notice.
The FSA accused Swift Trade of serious market abuse over manipulative trading practice called layering which generated profits in excess of £1.75 million. Swift Trade plans to appeal the FSA decision at the Upper Tribunal.