French Regulator Probes SocGen Trading

Friday, 12 Aug 2011 12:53 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
France’s stock market regulator opened an investigation into speculation that affected trading in shares of Societe Generale SA, said the agency’s president, Jean-Pierre Jouyet.

Societe Generale, France’s second-largest bank, on Aug. 10 denied “all market rumors” and asked France’s Autorite des Marches Financiers to open a probe. Speculation that France’s creditworthiness was in doubt sent the shares tumbling 15 percent that day.

“We’re investigating the unfounded rumors that hit specific stocks this week,” Jouyet said in an interview on RTL Radio today. “I can tell you that the secretary general of the AMF, Thierry Francq, has opened an investigation into the rumors that affected Societe Generale.”

France, Spain, Italy and Belgium banned short-selling of financial stocks beginning today. The ban is aimed at stabilizing the market, reducing the volatility in some stocks and preventing manipulation based on false rumors, Jouyet said in the interview.

© Copyright 2014 Bloomberg News. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web

Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
Privacy: We never share your email.
 

You May Also Like
Around the Web

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved