Stockbroking sector in turmoil

THE stockbroking community has been thrown into turmoil by a High Court judgment which undermines the secure status of billions of euro worth of shares held in trustee accounts and electronically.

And last night, investors whose shares are held in stockbrokers’ trustee accounts were advised to immediately obtain their share certificates to secure their investments, by Consumer Association finance spokesman Eddie Hobbs.

However, Irish Stock Exchange director of trading Brian Healy said the advice was precipitative and disclosed that the exchange was taking legal advice with a view to challenging the controversial High Court judgment.