Six jailed over insider trading in JP Morgan and UBS print room case

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Through their access to the information flowing through the print rooms, which handle confidential documents on mergers and deals, those outside the banks were able to anticipate moves in companies' share prices. They would use various accounts to place spread bets before deals were announced.

Such was the speed with which data was sent out, using a system of memory sticks and email accounts as a "drop box" for the copied documents, that the FSA said it was possible the ring was using the information contained in the documents to place trades before the printed versions had even reached the banks' intended recipients.

The investigation culminated in a large raid and wave of arrests on 29 July 2008, involving more than 100 FSA staff and City of London police officers across 10 addresses in the south of England.