In an unprecedented move, the Bank of England had to step in to deny there was another Northern Rock-style crisis after 17 per cent was wiped from the value of Halifax Bank of Scotland at one stage on Wednesday. The Financial Services Authority (FSA) has launched an inquiry into market abuse, accusing traders of spreading false rumours and dealing off the back of them. Sally Dewar, managing director, wholesale and institutional markets at the FSA, said: "We will not tolerate market participants taking advantage of the current market conditions to commit abuse by spreading false rumours and dealing on the back of them."

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