Reuters: Regulatory News: UK watchdog says suspicious share moves hit record low

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UK watchdog says suspicious share moves hit record low Jul 10th 2013, 10:14 LONDON, July 10 | Wed Jul 10, 2013 6:14am EDT LONDON, July 10 (Reuters) - Britain's Financial Conduct Authority reported a sharp fall to a record low in the number of suspicious share price moves ahead of mergers, following its sustained crackdown on market abuse. The FCA, launched in April to take a harder line on insider trading, said on Wednesday that 14.9 percent of mergers in 2012 were preceded by unusual market moves two days before the announcement. This compares with 19.8 percent in 2011, itself the lowest since 2003. Unexplained moves are defined as anything outside a stock's normal movement, which usually refers to volume and frequency of trading. Such unexplained moves are seen as an indication of possible insider trading but the watchdog has said there could be other factors such as financial analysts correctly predicting a deal or simply coincidence. Britain, under the Financial Services Authority, which was scrapped at the end of March, had pursued a "credible deterrence" policy for several years, imposing hefty fines and taking individuals to court for insider trading

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