Britain's Financial Services Authority is expected to bring charges against up to eleven City financiers suspected of insider dealing within a week.

This is going to be the most significant crackdown in the history of the FSA. The would-be arrests will emerge after two years of investigation into an illegal dealing ring, which used an agent at the London Printers for investment bank JP Morgan Cazenove and UBS to acquire confidential information on deals.

A few days ago, the FSA arrested seven suspects who allegedly involved in a long-running and sophisticated insider-dealing ring. However, some reports suggest that the financial watchdog would release these seven suspects on bail.

An Iranian businessman Iraj Parvizi, one of the seven men arrested on Tuesday and Wednesday has denied any wrongdoing.

The US hedge fund Moore Capital, London broker Novum Securities as well as leading City banks BNP Paribus and Deutsche Bank have been dragged into investigation.

JP Morgan Cazenove and UBS are not under probe and they are co-operating with the investigators.