Beef Up London's Exchange Police

After New York and Tokyo, the London Stock Exchange is the world's largest, and it trades more foreign than domestic stocks. Yet London seems plagued by rampant insider trading--at a time when the French, German, and other bourses are clamping down on such wheeling and dealing. In today's global capital markets, exchanges know it's necessary to make stock markets fair and transparent, if they are to attract overseas mutual-fund investors and foreign-company listings. London's preeminent place in the world financial system is at risk.

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