Suspicious price activity related to a reverse auction in October 2011 has drawn regulators' attention, says Paul Fisher, the Bank of England's executive director for markets. The Financial Conduct Authority is investigating whether traders worked together to drive up prices of bonds, which the central bank ultimately declined to buy. "It was very obvious to us what was happening because one gilt was moving in the opposite direction to other gilts in the market, so there was a clear signal," Fisher said. "We've never seen anything like that previously, and we've never seen anything like that again."

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