Bankim Thanki QC and Michael Green QC appeared for the FSA. The Court of Appeal (Lloyd, Moore-Bick and Richards LJJ) handed down its judgment on 22 April  EWCA Civ 423, unanimously dismissing the appeal from the decision of the Financial Services and Markets Tribunal (Sir Stephen Oliver QC and Terence Mowschenson QC). As reported in The Times, The Financial Times and The Daily Telegraph on 23 April Winterflood Securities, the City market-maker owned by Close Brothers, had appealed to the Court of Appeal attempting to overturn the FSA’s determination that the firm and two of its brokers had committed market abuse through involvement in a share-ramping scheme. The case involved dealings in the shares of Fundamental e Investments, an AIM-listed company, for which Winterflood was the primary market-maker. The share trades executed by Winterflood had a series of unusual features which the FSA considered should have alerted the market maker to the clear and substantial risks of market manipulation. Winterflood had sought to argue that it had not committed market abuse under the Code of Market Conduct because the relevant species of offence was confined to intentional conduct. The FSA fined Winterflood £4 million and its two brokers a total of £250,000 and the Financial Services and Markets Tribunal had affirmed the FSA’s determination. This is understood to be the largest fine imposed by the FSA for market abuse.