Icelandic banks manipulated markets?

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FT.com / In depth - Iceland bank regulator lines up more cases.

Iceland’s top financial regulator is preparing to hand over more cases of suspected market manipulation to a special prosecutor as the investigation into last year’s bank crash intensifies.

Gunnar Andersen, director-general of the Financial Supervisory Authority, said his agency was convinced that “serious” manipulation had taken place and vowed to root out the perpetrators.

“We have looked at several cases where we firmly believe it [was] market manipulation and there are more coming up,” he told the Financial Times.

Banks manipulating markets? Surely not? Whatever next?