No insider trading charges against Montreal Exchange officials
No insider trading charges against Montreal Exchange officialsLast Updated: Wednesday, March 19, 2008 | 2:48 PM ET CBC News
The Montreal Exchange said Wednesday that the Quebec securities market regulator has closed its investigation into allegations of insider trading by exchange executives and will not be taking any action.
The exchange said it has received a letter from l’Autorité des marchés financiers confirming that following an investigation into trading of exchange shares “it appears no breach occurred with regards to the laws and regulations enforced by the AMF.”
The suggestions of insider trading date back to last year, when a provincial opposition politician tabled documents that said exchange president Luc Bertrand bought 150,000 shares on Aug. 2, while exchange board member Jean Turmel bought 100,000 shares the same day.
On Dec. 14, the exchange denied that Bertrand and Turmel improperly engaged in insider trading leading up to its takeover by the TSX Group. It said Bertrand and Turmel bought the shares in question from two other executives and insiders who were leaving the exchange.
“By definition, when these transactions take place between insiders, there’s no possibility of insider trading … because all of them have the same information,” an exchange spokesman said at the time.
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