BBA welcomes new FSA rules

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BBA welcomes new FSA rules

Fri 13th Jun 2008

The British Banker's Association (BBA) has welcomed the Financial Services Authority's (FSA) new rules for disclosing short positions.

It stated that the changes will improve transparency, which in turn will prevent the market getting a false impression of the demand for the securities or the amount of shares on offer.

The move follows calls from the BBA for the government to allow the FSA to extend its plea bargaining powers in a bid to break insider-dealing rings.

Angela Knight, chief executive of the organisation, wrote to the chancellor: "Our members consider that the judicious use of plea bargaining will allow the FSA to tackle more effectively any insider trading rings in particular that undermine confidence in markets."

Earlier this week the BBA announced a number of measures designed to strengthen the London Inter-Bank Lending Rate, which experts suggest may have a positive impact on the mortgage market.

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