Tuesday, Feb 19, 2008
The Exchange says it reported eight instances of suspected insider trading to ASIC in January, a big increase on the 20 it reported during all of last year.
sky news: Insider trading rife Australian stock market
New research has found insider trading in the Australian stock market is so rife that it is weakening the reputation of the local bourse.
The Australian Securities Exchange is under pressure to boost resources to crack down on the practice, which could include $1 million insider trading fines and bans.
Senior executives at two investment banks say insider trading has become part of the system, with regular lifts in the share price of takeover targets in the days before any official announcement.
The revelations are the latest blow to the ASX which is already reeling from wildly volatile trading, following the collapse of stockbroker Tricom and questions over risky investments such as CFDs.
Posted by chris @ 09:38 PM (163 views) Add Comment
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