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FSA finds no proof of share manipulation

The FSA says it has not uncovered evidence that market rumours over HBOS were part of a concerted attempt by individuals to profit by manipulating the share price.

The news comes as the FSA’s markets division launches a review of the systems and controls that firms have in place for dealing with market rumours.

The regulator’s investigation, which was conducted by its enforcement, markets, supervision and intelligence division, found that while the rumours would have had some impact on HBOS’ share price, there was no evidence of wrongdoing.

On March 19, rumours circulated alleging that the bank faced funding difficulties. 

Some market commentators speculated that the fall in the HBOS share price was the result of unscrupulous traders who spread false rumours to make unjustified profits.

The FSA’s review of firms’ systems and controls for dealing with rumours will cover what policies are in place, how firms ensure compliance with them and how rumours are verified. It will examine whether traders are permitted to pass on or trade on rumours and how firms ensure that staff do not initiate or spread false rumours.

The regulator says: “This exercise is covering a range of investment banks, securities firms and hedge fund managers. We will communicate our findings to the market in the early autumn.”


Investors flow out of offshore

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Bonds have more funds

The torrid time for equities has by and large continued. The UK market has recovered from the losses of three weeks ago but we have seen some really vicious sector rotation, causing problems for equity managers.

Defining moment

For those of you who have been eagerly awaiting the outcome of the review of the IMA’s fixed-income sectors, the wait is over.

Looking back at 2015

By Fiona Tait, Pensions Specialist 2015 was quite a year for pensions. Change, more change, and proposed changes to the changes. The Spring Budget – pre-election plans With everything that has happened since, it is hard to remember what happened in March. Following on from the bombshell of the 2014 Budget, the Chancellor confined himself […]


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