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Financial Services Board to probe traders on Gordhan recall

Financial Services Board

The Financial Services Board (FSB) will question people suspected of insider trading in foreign-exchange futures contracts ahead of former finance minister Pravin Gordhan’s firing.

“We are not in a position to disclose the names of the persons who are under investigation at this stage,” said FSB market abuse department director Solly Keetse. The FSB would give suspected insiders an opportunity to answer to allegations under oath, he said.

Insider trading occurs when someone trades on inside information, which, if made public, would materially affect the price of a security. The Financial Markets Act prohibits it.

Paul

The author Paul