April 4, 2017 / 7:51 AM / 3 years ago

FINMA probing 'a number of cases' of possible Swiss market abuse

The logo of Swiss Financial Market Supervisory Authority FINMA is seen outside their headquarters in Bern, Switzerland April 5, 2016. REUTERS/Ruben Sprich

BERN (Reuters) - Swiss financial watchdog FINMA is looking into “a number of cases” of possible market abuse in Switzerland including insider trading at several listed companies, Chief Executive Mark Branson said on Tuesday.

“We are investigating cases of a practice known as ‘spoofing’ in which large-scale fake orders are placed and withdrawn with the aim of achieving an unfair advantage,” Branson said in remarks prepared for FINMA’s annual news conference.

“We are also investigating several cases of front-running where an insider — a bank employee, for example — uses confidential information about an upcoming transaction to submit transactions for their own account.”

Reporting by Joshua Franklin; Editing by Michael Shields

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