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<p>The Financial Conduct Authority (FCA) announced on 20 March 2014 that it had taken
enforcement action against an individual for the manipulation of a UK government bond
in the run up to a Bank of England Quantitative Easing (QE) operation on 10 October
2011.</p><p> </p><p> </p><p> </p><p>The FCA’s investigation found this was the action
of one trader on one day, and there was no evidence of collusion with traders in other
banks. The FCA acted following information initially referred to it by the Bank of
England, demonstrating the benefits of the Bank working in close co-operation with
the FCA.</p><p> </p><p> </p><p> </p><p>The Bank thoroughly reviewed its processes
at the time, in addition to its ongoing monitoring and examination of QE operations.</p><p>
</p><p>The Government is clear that misconduct in financial markets is unacceptable
and takes all allegations of misconduct seriously. Any evidence relating to the potential
manipulation of financial markets should be passed to the FCA.</p><p> </p>
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