Insider trading ring to come to court
Seven city traders arrested in Britain's biggest insider dealing ring are to appear before a judge at the end of February after an original meeting was delayed from this month.
The delay in the case, conducted by the Financial Services Authority and the Serious Organised Crime Agency, follows the Government's decision last week to scrap plans to hand prosecution of insider dealing to a new agency.
The high-profile case is expected to be picked up by the Consumer Protection and Markets Agency, which will be responsible for assuming many of the FSA's duties. In the meetings, conducted behind closed doors, the judge is expected to tell the seven whether they are to be charged.
Homes and cars were brought under the court's control and laptops and notebooks containing evidence of the ring were seized in raids across London and the South-East on March 23.
In the raids, banks including Deutsche Bank and Exane, in which BNP Paribas owns a 50% stake, were searched. At the time, sources said that the seven arrested had been told they would learn within six months whether they were to face charges.
The investigation is thought to centre on trades starting in 2007 in fundraisings for Barclays, Segro, Taylor Wimpey and the takeover of Scottish & Newcastle. The FSA declined to comment.
Last week the Government confirmed that by 2012 the FSA would be divided into two bodies - the CPMA, and the Prudential Regulatory Authority, responsible for the safety and soundness of banks and insurers.
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