Politics & Regulation

Shock and alarm over FSA’s insider dealing raid


Shockwaves ran through the city this week as the FSA launched what it described as its “largest ever operation against insider dealing” in the UK, arresting six people including senior executives at BNP Paribas’ Exane brokerage affiliate and Deutsche Bank and a well-known equity execution trader at Moore Capital’s European arm.

Julian Rifat of Moore Europe is among those implicated in the alleged insider dealing ring, which the FSA claims to be “sophisticated and long-running”. Well-known in London equity market circles, Rifat is an execution trader at Moore and not a portfolio manager.

London-based fund managers and brokers said the