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06 September 2007 / Richard Burger
Issue: 7287 / Categories: Features , Banking , Commercial
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Plugging the leaks

What can be done to clean up the UK’s money markets? Richard Burger reports

In the film Wall Street the US stockbroker Bud Fox impersonates the supervisor of a team of night-time cleaners to break into the law offices of a former college buddy to steal information about a pending merger and acquisition (M&A). Fox is, of course, a character of fiction, but such is the value of inside information that the UK market has seen its own breed of insider, for example Asif Butt, who in 2005 was convicted and imprisoned for insider dealing based on information he leaked from his role as compliance officer with a leading investment bank.

The City and its regulator, the Financial Services Authority (FSA), are aware that insider dealing and market abuse exists. On 2 July 2007 the FSA published the findings of its Thematic Review of Controls over Inside Information relating to Public Takeovers.

TRADING AND TAKEOVERS

The catalyst for the review was the FSA’s earlier work to measure the cleanliness of the UK markets.

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MOVERS & SHAKERS

HFW—Nelson Wang

HFW—Nelson Wang

HFW strengthens global insurance practice and Greater China offering with London Partner hire

Burges Salmon—David McEwing

Burges Salmon—David McEwing

Burges Salmon boosts Energy and Utilities practice with appointment of David McEwing

Browne Jacobson—Alexander Studholme

Browne Jacobson—Alexander Studholme

Browne Jacobson adds international construction arbitration partner in London push

NEWS
Law firm trainees are choosing US firms over their UK comparators, according to Chambers’ annual report on UK trainee satisfaction
A former senior judge has warned peers against scrapping juries for fraud and financial crimes, ahead of the Courts and Tribunals Bill’s second reading in the House of Lords this week
Civil practitioners face changes spanning debt recovery, workplace harassment and possession claims, alongside guidance on insolvency challenges and children proceedings

Finding matrimonial wealth is as challenging as dividing it, as family disputes draw practitioners into asset tracing, offshore structures and insolvency

Agreement between opponents offers no guarantee that a court will approve a retrospective increase to a costs budget
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