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UK appeal court hears challenge to record market-manipulation fine

By Sebastian Chrispin ( December 4, 2013, 14:26 GMT | Insight) -- The UK’s largest market-manipulation fine to date should be annulled because it involved a company that no longer exists and contracts that weren’t directly linked to share trading, judges at London’s Court of Appeal were told during a hearing yesterday. Challenging the 8 million pound penalty, dissolved Canadian firm Swift Trade and its former chief executive argued that the alleged wrongdoing concerned an activity outside the remit of the UK’s financial watchdog.The UK’s largest market-manipulation fine to date should be annulled because it involved a company that no longer exists and contracts that weren’t directly linked to share trading, judges at London’s Court of Appeal were told during a hearing yesterday....

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