Over 13 financial services companies in South Africa have collaborated to launch the draft market surveillance code of conduct. It was launched at Investecs Market Surveillance Conference in Sandton, Johannesburg yesterday.
The aim of the collaboration is to build trust and confidence in the countrys financial markets.
The market surveillance code of conduct will also seek to address market abuse and anti-competitive practices in the financial sector.
The Financial Sector Conduct Authoritys Olano Makhubela says, The communication surveillance is something that was picked up on when the currency, the rand manipulation came up, which is about what people say in the chat rooms. And part of the message is, dont say anything confidential or relating to confidential client information in those chats and then the trading aspect deals with market abuse. Market abuse can take three forms, you saw a bit of this with Steinhoff, price manipulation, and disclosure of misleading and false information.
Market Surveillance FSCA calls for protection of market integrity
