CNVM to monitor stock market transactions online

The transactions on the capital market will be monitored by the National Securities Commission (CNVM) via a computer programme most likely as of this September. "We've already run some tests with the monitoring programme, which will most likely become operational at the end of the summer or in September," Gabriela Anghelache, CNVM chairperson said. The commission is currently monitoring the market through the written reports filed by the Stock Exchange and the brokerage companies at given periods of time, in order to identify abuses on the market, such as attempts to manipulate prices or insider trading and punish them accordingly, as well as in order to prevent possible clearing incidents. The cost of the software amounts to 350,000 euros and is part of a more extensive programme that benefits from a 2 million euro financing, 750,000 euros of which provided by the European Union. One of the most recent CNVM investigations targeted the surge in Oltchim share price right before the capital increase plans were announced. ZF