Takeover talk

Article Abstract:

Insider trading in securities is not adequately controlled in the UK, and this is shown by allegations relating to Aran Energy which is subject to a bid by Atlantic Richfield. A deal which is larger than normal trades could bring in 25,000 pounds sterling profit for the investor. Companies which have seen share price rises prior to a bid include David Lloyd Leisure, Costain and Steel Burrill Jones. The Stock Exchange is seeking to control the problem with new regulations, but it is unclear what further action it could take.

Insider trading in securities, Insider trading (Securities)

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Clock ticks for Fidelity

Article Abstract:

Fidelity Brokerage Services awaits a decision from the UK Securities and Futures Authority (SFA) on whether a ban on new business is to be extended. The ban was imposed in Oct 1996 after the company had received complaints from investors, hit by problems caused by a new computer system. There would be additional pressure on the UK share settlement system, Crest, and stockbrokers' systems, if Fidelity is not permitted to take on new business at a time when share dealing will increase as a result of demutualizations.

Security brokers and dealers, Fidelity Brokerage Services Inc.

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Taken into safe custody

Article Abstract:

The UK Securities and Investments Board (SIB) is proposing that stockbrokers become responsible for assets in nominee accounts. This proposal is not likely to come into effect prior to the start of 1996, according to the SIB. Investors could in theory lose funds if a stockbroker goes bankrupt and this includes nominee assets. There could be cover from compensation schemes if fraud or negligence is involved, but the cover would be strengthened by the SIB proposals.

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