Thursday 12th February 2009
HKEx invents square wheel
HKEx has reportedly approved a new rule which will make it the only market in the world to have no price caps in regular trading but a limit on movements during the closing auction, thereby locking in any manipulation that occurs just before the auction. Many developed markets have adopted random auction closing-times to deter manipulation, which HKEx did not even allow for in its recent consultation. (12-Feb-2009)
RECENTLY ON WEBB-SITE.COM
Vote-rigging plan for PCCW meeting
Webb-site.com has discovered compelling evidence of an attempt to rig the shareholder vote in the proposed privatisation of PCCW Ltd, involving hundreds of new holders of one board lot each, many of whose names match insurance agents of Fortis Asia, a former fellow subsidiary of PCCW. (1-Feb-2009)
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David M Webb