A bit of a long winded excerpt. Maybe I'm being a little cynical but would it be fair to say a brief synopsis would be ...
"The Financial regulator has given firms it suspects of manipulating the stock exchange, illegally, to their own advantage, 1 week to provide him with evidence so that he can fine them up to €10m euro and stick a few people in jail for up to 10 years."
I can see that working alright.
From the Irish Independent...
Traders face probe over share rumours
THE country's financial watchdog yesterday personally phoned top stockbrokers and ordered them to have files ready for inspection by his staff as part of a sweeping crackdown on suspected shares skulduggery.
Financial regulator Patrick Neary has given stockbrokers a week to scrutinise their dealing records, tape recordings, emails and internal notes on conversations with clients before reporting back to him.
According to informed sources, Mr Neary told them the trawl is in preparation for a review by his staff. Sources also said the regulator's office has drawn up a list of brokerages and individuals connected with alleged wrongdoing.
It is believed the probe will extend to mobile phone records.
It is suspected that some market players spread negative rumours about companies to drive down stock prices and then make a killing themselves.
The scam works when people borrow shares and subsequently sell them.
By spreading rumours about a particular company, they hope the share price will fall.
They can make a profit by buying at the lower price before returning the shares to their original owners and pocketing the difference.
There is nothing illegal about borrowing and selling shares and profiting from their decline. The illegality arises by spreading false rumours to affect their price.
Those found guilty of market abuse face fines of up to €10m and/or 10 years in prison.
Following yesterday's phone calls from Mr Neary, one source said: "It cannot be over-emphasised how seriously this is being taken." He added: "It is being viewed as an external attack on Irish financials, possibly aided and abetted by market participants in Dublin.
"If this is not stopped, it could affect the financial system and even the sovereign ratings of country."
Senior staff in the regulator's office were forced to cancel Easter weekend plans to a hold a series of top-level meetings to formulate an action plan.
It is understood the office was in contact with senior executives of Irish financial institutions affected by unfounded market speculation in recent weeks.
Shares in Irish Life & Permanent (IL&P) soared 9pc yesterday while Anglo Irish Bank jumped 11.5pc.
They had been the most severely hit financials by suspected skulduggery.
"The Financial regulator has given firms it suspects of manipulating the stock exchange, illegally, to their own advantage, 1 week to provide him with evidence so that he can fine them up to €10m euro and stick a few people in jail for up to 10 years."
I can see that working alright.
From the Irish Independent...
Traders face probe over share rumours
THE country's financial watchdog yesterday personally phoned top stockbrokers and ordered them to have files ready for inspection by his staff as part of a sweeping crackdown on suspected shares skulduggery.
Financial regulator Patrick Neary has given stockbrokers a week to scrutinise their dealing records, tape recordings, emails and internal notes on conversations with clients before reporting back to him.
According to informed sources, Mr Neary told them the trawl is in preparation for a review by his staff. Sources also said the regulator's office has drawn up a list of brokerages and individuals connected with alleged wrongdoing.
It is believed the probe will extend to mobile phone records.
It is suspected that some market players spread negative rumours about companies to drive down stock prices and then make a killing themselves.
The scam works when people borrow shares and subsequently sell them.
By spreading rumours about a particular company, they hope the share price will fall.
They can make a profit by buying at the lower price before returning the shares to their original owners and pocketing the difference.
There is nothing illegal about borrowing and selling shares and profiting from their decline. The illegality arises by spreading false rumours to affect their price.
Those found guilty of market abuse face fines of up to €10m and/or 10 years in prison.
Following yesterday's phone calls from Mr Neary, one source said: "It cannot be over-emphasised how seriously this is being taken." He added: "It is being viewed as an external attack on Irish financials, possibly aided and abetted by market participants in Dublin.
"If this is not stopped, it could affect the financial system and even the sovereign ratings of country."
Senior staff in the regulator's office were forced to cancel Easter weekend plans to a hold a series of top-level meetings to formulate an action plan.
It is understood the office was in contact with senior executives of Irish financial institutions affected by unfounded market speculation in recent weeks.
Shares in Irish Life & Permanent (IL&P) soared 9pc yesterday while Anglo Irish Bank jumped 11.5pc.
They had been the most severely hit financials by suspected skulduggery.
