The Swedish Financial Services Authority has revoked the trading licence of Kullberg & Spiik, a Stockholm hedge fund manager running Skr1.2bn (€130m). Anders Kullberg, who co-founded the firm in 2000, said the regulator's decision was incorrect. He is appealing against the decision.

The regulator said it had revoked the licence immediately, withdrawing the firm's authority to manage funds and trade in securities.