Barristers acting for the Financial Services Authority and Philippe Jabre, a London hedge fund manager appealing against a £750,000 (€1.1m) fine levied by the FSA, spent five hours locked in detailed legal argument.

The Financial Services and Markets Tribunal, an independent body with the power to hear appeals against the FSA's decisions, held a one-day, preliminary hearing yesterday to consider arguments laid by Jabre's lawyers that the FSA had no right to fine Jabre for his trades in February 2003 in Sumitomo Mitsui Financial Group, a Japanese bank.