Market regulator to examine ‘unusual’ trading of Irish stock
The Irish Securities Authority (ISA) will investigate whether a new trading app is being used to illegally manipulate stock market prices.
The new app, called MarketCoup, allows users to create a trading account to trade shares in Ireland and then transfer shares between the two countries, effectively moving them into one country.ISA will have to look into whether the app violates the country’s anti-fraud rules, said a spokesman.
The agency has already investigated a similar app called Market Crop, which was used by investors to take advantage of a spike in the value of the shares in a number of Irish companies.ISAs watchdog is expected to publish its report within the next month.
In the meantime, the Irish Stock Exchange (ISE) said on Tuesday it will not be changing the way it markets its shares.
It will continue to hold its current method for reporting the value and the price of shares, the Exchange said.