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Insiders Reached Public at Large
Federation Council’s Financial Market Committee held the first public discussion of the bill for opposing insiders and the use of insider information on the stock market of Russia. The market players suggest narrowing the list of insiders but widening the list of indicators for manipulating the market.
This week’s round table of the Federation Council, On Legal Provision for Preventing the Use of Insider Information on the Stock Market, lured the market players, senators and State Duma members as well as the Federal Financial Market Service (FFMS) head Vladimir Milovidov.
The discussion of the bill that the FFMS made out to oppose insider information on the markets took no more than an hour. It was the first presentation of the document, which evidently calls for further elaboration. Regardless, the market attitude is clear already. The players advocate gradual introduction of actions aimed at fighting the insiders.
First of all, the market urges to narrow the list of insiders that range from companies that issue new stocks to news and rating agencies in the bill. “No way to describe all forms of insider information at once, it’s necessary to begin with a narrow circle of insiders, widening it by amendments after a while,” said Andrei Emelin, who is the executive vice president at Russia’s Banks Association.
As to the market manipulation section of the bill, the players suggest adding new features to nine signs spelled out in it. The document, for instance, omits such indicator as lodging and removing one and the same bids with definite frequency at a given time. The causes for trading suspension call for better definition as well, the players say.
www.kommersant.com
All the Article in Russian as of Dec. 20, 2007
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