Swedish authority ‘did not find OMX insider trading evidence’

Sweden's Financial Supervisory Authority (Finansinspektionen - FI) has denied a story in Friday's Financial Times that it 'discovered evidence of possible insider trading in OMX AB shares' ahead of the Borse Dubai bid, and has passed the matter to the National Economic Crimes Bureau (EBM) to investigate.

A spokesperson at FI told Thomson Financial News that the FT has ‘got it wrong’, and the authority has called the British newspaper to complain.

“They have wrong information there, we haven’t been involved in relation to this case. The EBM can take up criminal investigations on our initative, or they can take them up on their own initiative. In this particular case regarding Borse Dubai we have not taken the initiative,” said the spokesperson.

However this does not mean an investigation by the EBM is not forthcoming.

EBM confirmed to Thomson Financial News that the prosecutor will decide on Monday whether to launch a criminal investigation into allegations of insider dealing in Borse Dubai’s acquisition of nearly 29 pct of Nordic exchanges operator OMX, the Financial Times reported.

It is understood the national economic crimes bureau’s interest centres on trading between the May 23 date that Nasdaq announced its agreed deal to acquire OMX and Aug 9, when Borse Dubai acquired its stake, the newspaper added.

Thomson Financial News