Six people have been arrested in a joint Financial Services Authority (FSA) and Serious Organised Crime Agency (Soca) insider dealing inquiry.
The joint operation, the first between the two agencies, began in 2007.
The arrests came after 16 addresses were searched in London, the South East and Oxfordshire in the FSA's largest ever operation against insider dealing.
Documents and computers were seized from residential and business premises, while six men were arrested. The six include two senior city professionals at leading city institutions and one city professional at a hedge fund. They are suspected of being involved in what the FSA calls "a sophisticated and long-running insider dealing ring". It is alleged the city professionals passed inside information to traders, either directly or via middlemen.
The traders then allegedly acted on this information and made significant profits as a result.
A total of 143 FSA employees took part in the operation, together with officers from Soca.
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