The UK Financial Services Authority’s recent public censure of Dresdner Kleinwort bond traders, Darren Morton and Christopher Parry, for committing market abuse has attracted much publicity – the FSA has been heavily criticised for failing to practise what it has been so vociferously preaching by not getting tough with ‘convicted’ miscreants.

Messrs Morton and Parry were found to have traded on the basis of inside information, despite their claims that the said information was not in fact price-sensitive, nor did they believe that it was so.