At the headquarters of the Financial Services Authority at Canary Wharf in London, a team is currently developing cutting-edge systems to scan the markets.
In recent months, the regulatory watchdog has stepped up its efforts to track suspicious trading patterns by developing computer systems that can spot unusual price patterns in the markets – or strange patterns in transactions.
But as the FSA updates this technology, a certain political irony is haunting these steps – namely that reforms in European Union legislation may soon make it harder, not easier, for the London regulator to track trades happening in its own backyard.
A row has erupted in Europe about who is supposed to receive banks’ reports about their trading transactions. If it is unresolved, it could potentially make it harder for regulators such as the FSA to monitor cross-border actitivies.
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