The Stockholm Stock Exchange is to be fined 100 million kronor. The Financial Supervisory Authority (FI) believes, in an investigation, that there have been deficiencies that have led to suspected insider trading neither being detected nor reported.
"It's ultimately about trust in the financial market. The Stock Exchange has, in the cases investigated, not conducted a closer analysis of the trading despite circumstances that warranted a more in-depth examination. This reveals clear deficiencies in the Stock Exchange's trade surveillance," says Daniel Barr, Director-General of the Financial Supervisory Authority, in a press release.
The Stockholm Stock Exchange will now analyse the decision, according to CEO Adam Kostyal.
"Nasdaq Stockholm takes this issue and the Financial Supervisory Authority's decision very seriously. While we maintain our position that we had adequate capabilities to identify insider trading, we will now analyse the decision in detail and assess the Financial Supervisory Authority's interpretation of our obligations and what they mean for our continued work," he writes in a comment.
