The City's boy in blue

For all the recent talk amongst banking chiefs and lawmakers of a return to a more 'vanilla' world of high finance, the sophistication of modern markets provides a fertile ground for fraudsters and insider dealers to operate without detection. To combat these white-collar criminals, the FSA has created a new crime division. Its head, Philip Robinson, talks to Victoria Pennington

Rogue trades resulting in vast losses for banks such as Societe Generale and Caisse d'Epargne have fuelled the perception that the derivatives markets are an opaque world where unscrupulous traders are able to use the complexities of their market as a smokescreen for their irregular, and sometimes illegal, dealings. The fact that senior managers in both of the above instances claim that they were unaware of the activities of their subordinates demonstrates that some modern finance techniques