The London Stock Exchange has acquired a transaction reporting system owned by the UK Financial Services Authority, the regulator said this morning. The LSE bought the transaction reporting system, which the watchdog used to help it detect and investigate market abuse, manipulation and insider trading, for £15m. The FSA developed the system in the wake of 2007 directive Mifid to assist firms with their transaction reporting requirements. Since the introduction of Mifid, a competitive market for such products has developed, meaning operation of the system is no longer core to the FSA's regulatory remit.