The UK's Financial Services Authority is understood to be looking into trading in a Japanese convertible bond conducted by GLG, the hedge fund manager in takeover talks with Lehman Brothers.

The regulator is understood to be talking to GLG about its trading in a Â¥300bn (€2.2bn) convertible bond issued by Sumitomo Mitsui Financial Group, a unit of Japan's third largest bank.

William Hutchings

Sumitomo Mitsui Financial Group

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FSA probes GLG for Japanese trade

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