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26/03/2008
Brokers Investigated Over Shareduggery
The Irish financial regulator has announced an investigation into unusual market behavior in Ireland's economy since St Patrick's Day.
In a statement by The Irish Regulator, evidence of unusual trading patterns has sparked speculation by the authority that false and misleading rumours circulating in the financial markets have been used to damage the value of shares in the Irish economy in order to be re bought at their cheaper price.
Con Horan, Prudential Director of the Financial Regulator said today: "We are working closely with other regulators, including the UK's Financial Services Authority (FSA) in relation to concerns about this type of activity. Market participants who take unfair advantage by spreading false rumours while trading on the basis of those rumours are in breach of market abuse regulations and we will actively pursue those who may be engaged in this."
The Financial Regulator, Patrick Neary, has given stockbrokers one week to scrutinise their dealing records, tape recordings, emails and internal notes on conversations with clients before reporting back to him.
It is understood that Mr Neary told them the trawl is in preparation for a review by his staff. The regulator's office is also believed to have drawn up a list of brokerages and individuals connected with alleged wrongdoing.
It is suspected that some brokers have spread negative rumours about companies to drive down stock prices and then make a profit for themselves. The scam works when people borrow shares, spread the rumours and subsequently buying the undervalued stocks.
(DW)
In a statement by The Irish Regulator, evidence of unusual trading patterns has sparked speculation by the authority that false and misleading rumours circulating in the financial markets have been used to damage the value of shares in the Irish economy in order to be re bought at their cheaper price.
Con Horan, Prudential Director of the Financial Regulator said today: "We are working closely with other regulators, including the UK's Financial Services Authority (FSA) in relation to concerns about this type of activity. Market participants who take unfair advantage by spreading false rumours while trading on the basis of those rumours are in breach of market abuse regulations and we will actively pursue those who may be engaged in this."
The Financial Regulator, Patrick Neary, has given stockbrokers one week to scrutinise their dealing records, tape recordings, emails and internal notes on conversations with clients before reporting back to him.
It is understood that Mr Neary told them the trawl is in preparation for a review by his staff. The regulator's office is also believed to have drawn up a list of brokerages and individuals connected with alleged wrongdoing.
It is suspected that some brokers have spread negative rumours about companies to drive down stock prices and then make a profit for themselves. The scam works when people borrow shares, spread the rumours and subsequently buying the undervalued stocks.
(DW)
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Quinn Workers Future 'Priority'
There have been further calls from Northern politicians to re-open Quinn Insurance for normal trading. SDLP MLA for Fermanagh and South Tyrone, Tommy Gallagher said the retention of the 600 jobs at Enniskillen has to be the top priority regardless of who is in control of Quinn Insurance.
Quinn Workers Future 'Priority'
There have been further calls from Northern politicians to re-open Quinn Insurance for normal trading. SDLP MLA for Fermanagh and South Tyrone, Tommy Gallagher said the retention of the 600 jobs at Enniskillen has to be the top priority regardless of who is in control of Quinn Insurance.
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Ireland WeatherToday:Scattered sleet and snow showers will turn increasingly heavy and more frequent in the afternoon across the north. Largely dry with sunny spells in the south, but showers spreading here towards the end of the day. Maximum temperature 4 °C.Tonight:Frequent, often heavy showers of rain, sleet and snow will affect most parts this evening and overnight, but are likely to be most frequent across the northeast. Minimum temperature -1 °C.
