On August 22, 2005, the stockbroker, who is employed by a member of the Stockholm Stock Exchange, had agreed with a client by telephone to sell 945,500 shares in Försäkrings AB Skandia to another client and thereafter to repurchase the shares at the same price. Accordingly, the aim of the transactions was not to offer the shares to the market but simply to implement a number of bookkeeping transactions. Such a practice contravenes the Stockholm Stock Exchange´s trading rules, which also stipulate that transactions agreed outside the Exchange must be reported to the Exchange within five minutes of completion of the transaction. However, the transactions concerned were not reported to the Exchange until the following day.
FTSE Mondo Visione Exchanges Index:
Stockholm Stock Exchange´s Disciplinary Committee Warns Stockbroker
Date 09/11/2005