Oslo Stock Exchange Board Imposes Violation Charge On First Securities

The Stock Exchange Board has imposed a violation charge of NOK 100,000 on First Securities ASA. The member firm has on repeated occasions been in breach of section 8.1.3 (first paragraph) of the Trading Rules by its late reporting of deals negotiated outside of trading hours.

This section of the Trading Rules requires that deals negotiated outside of trading hours shall be registered and confirmed in the course of the first 35 minutes of the pre-trade session on the following trading day, i.e. before 09.50 hours. Information about such deals may affect the price of the security in question, and the requirement set out in the Trading Rules for such deals to be reported no later than 10 minutes before the start of continuous trading is accordingly of importance in ensuring that all players in the market have access to identical and correct information.