Group set up to police ISEQ

The Irish Stock Exchange is to set up a special group to watch for possible rogue traders and to maintain standards and ethics in the market.

The Irish Stock Exchange is to set up a special group to watch for possible rogue traders and to maintain standards and ethics in the market.

Former UK Financial Services Authority official Mike Duignan has been appointed to establish and lead the supervisory squad from September.

Mr Duignan was responsible for the FSA’s largest market abuse investigation team and previously chaired the EU’s Committee of European Securities Regulators.

Irish Stock Exchange chief executive Deirdre Somers said: “I am delighted to announce that Mike Duignan, a highly experienced UK financial services regulator, will join the ISE in September.

“Mike has an enormous depth of experience in the European securities regulatory landscape and will bring a wealth of expertise to the ISE.

“Mike will lead the change, including the development of separate governance structures and head up the new arrangements.”

It is hoped the group will be up and running next year.

Any irregularities detected will be recorded and passed on to the Financial Regulator who will decide if further action is to be taken.

The Stock Exchange has always monitored the market for such activity but this is the first time a dedicated group will be formed.

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