{"id":1934,"date":"2003-12-11T00:00:00","date_gmt":"2003-12-11T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"watchdog-steps-up-market-timing-investigation","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/12\/2003\/watchdog-steps-up-market-timing-investigation.html","title":{"rendered":"Watchdog steps up `market timing&#8217; investigation"},"content":{"rendered":"<p>THE FINANCIAL Services Authority yesterday instructed 25 chief executives from Britain&#8217;s largest fund management companies to set up internal investigations to check whether there was evidence thatemployees had engaged in controversial market practices.<\/p>\n<p>  Callum McCarthy, the chairman of the FSA, told the senior executives they had to take &#8220;personal and direct responsibility for ensuring there is a proper review of past trading practices&#8221;. He said  they must inform the watchdog immediately if they find members of staff had used so-called market timing or late trading to boost their own profits.<\/p>\n<p>  The FSA said it has already started interviewing fund managers in this country, following a high-profile campaign to crack down on the practices in the United States. &#8220;So far we cannot conclude  that the abuses are not a feature of the UK system,&#8221; Mr McCarthy said.<\/p>\n<p>  Fund managers in the US are currently in the spotlight after Eliot Spitzer, New York&#8217;s attorney general, turned his attentions to cracking down on companies that have indulged in questionable  trading.<\/p>\n<p>  The Anglo-American giant Amvescap is among a number of companies being sued by Mr Spitzer over market-timing abuses, which have the effect of penalising long-term, often private, investors in  favour of hedge funds and other professional money managers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>THE FINANCIAL Services Authority yesterday instructed 25 chief executives from Britain&#8217;s largest fund management companies to set up internal investigations to check whether there was evidence thatemployees had engaged in controversial market practices. Callum McCarthy, the chairman of the FSA, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-1934","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/1934","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=1934"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/1934\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=1934"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=1934"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=1934"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}