Issue link: https://maltatoday.uberflip.com/i/891637
maltatoday WEDNESDAY 25 OCTOBER 2017 12 Business Today Regular market closed – 24/10/2017 Symbol Code Volume Traded Value Traded Trades High Price Low Price Open Price Close Price Change t BOV 291,077 599,925.12 47 2.092 2.020 2.090 2.020 -0.071 l GO 5,873 21,084.07 3 3.590 3.590 3.590 3.590 0.000 s HSB 667 1,237.29 1 1.855 1.855 1.855 1.855 0.004 s IHI 310,124 189,890.14 4 0.615 0.610 0.610 0.615 0.001 s MDI 23,000 7,337.00 2 0.319 0.319 0.319 0.319 0.017 t MDS 56,643 68,221.48 17 1.220 1.190 1.217 1.200 -0.060 s MIA 13,730 64,844.75 10 4.750 4.700 4.700 4.750 0.070 s MMS 5,000 9,635.00 1 1.927 1.927 1.927 1.927 0.067 s MPC 5,503 2,868.75 2 0.524 0.505 0.505 0.524 0.020 s MTP 5,000 10,159.67 3 2.050 2.020 2.020 2.050 0.020 s PG 15,540 23,291.21 3 1.499 1.498 1.498 1.499 0.039 l TML 10,000 9,550.00 1 0.955 0.955 0.955 0.955 0.000 t G20A 466 528.91 1 113.500 113.500 113.500 113.500 -0.270 t G20B 2,500 2,789.00 1 111.560 111.560 111.560 111.560 -0.070 t G21A 11,647 13,823.82 1 118.690 118.690 118.690 118.690 -0.020 t G22A 8,100 10,031.85 1 123.850 123.850 123.850 123.850 -0.240 t G23A 4,196 5,419.13 2 129.150 129.150 129.150 129.150 -0.150 s G24A 35,000 41,454.00 1 118.440 118.440 118.440 118.440 0.070 s G28A 5,000 6,708.50 1 134.170 134.170 134.170 134.170 0.030 s G28B 3,000 3,939.60 1 131.320 131.320 131.320 131.320 0.040 s G32A 5,000 6,833.50 1 136.670 136.670 136.670 136.670 0.010 t G33A 200,000 266,100.00 4 133.260 132.690 133.260 132.690 -0.270 t G36A 165,000 176,532.60 4 107.000 106.900 106.970 106.900 -0.070 s G39A 71,000 71,204.60 5 100.300 100.260 100.260 100.300 0.040 t G40A 17,800 20,590.86 2 115.770 115.500 115.500 115.770 -0.020 s G41A 10,000 10,427.00 1 104.270 104.270 104.270 104.270 0.050 s BV19B 43,300 45,044.00 3 104.250 103.200 103.200 104.250 1.000 l DF26A 5,000 5,325.00 1 106.500 106.500 106.500 106.500 0.000 l EF27A 8,000 8,260.00 1 103.250 103.250 103.250 103.250 0.000 s GH27A 28,000 29,259.20 2 104.500 104.490 104.490 104.500 0.020 l GP23A 11,900 12,257.00 2 103.000 103.000 103.000 103.000 0.000 t IG24A 4,900 5,218.50 1 106.500 106.500 106.500 106.500 -0.650 s IH26A 6,000 6,177.00 1 102.950 102.950 102.950 102.950 0.450 s PC26A 52,200 53,775.93 5 103.250 102.950 102.950 103.250 0.300 t PG22A 50,000 52,960.30 5 107.500 105.000 107.500 105.000 -1.000 t PT24A 4,000 4,140.00 1 103.500 103.500 103.500 103.500 -0.190 Market Summary as at 24/10/2017 Equity Official List Session State ................................................................... Market Closed Number of trades ............................................................. 142 Volume Traded ................................................................. 1,494,166 Value of € denominated securities .................................... 1,866,844.78 Value of US$ denominated securities ................................ 0.00 Value of GBP£ denomi nated securities .............................. 0.00 Current Index ................................................................... - Previous Index ................................................................. - Change in Index (%) ......................................................... - Bank of Valletta plc ........................ 2.091 -0.43% Medserv plc .................................. 1.260 0.00% FIMBank plc .................................. 0.700 0.00% Mapfre Middlesea plc .................... 1.860 0.00% GlobalCapital plc ........................... 0.360 0.00% MIDI plc ........................................ 0.302 0.00% GO plc ........................................... 3.590 0.00% Plaza Centres plc ........................... 1.050 0.00% Grand Harbour Marina plc ............. 0.726 0.00% RS2 Software plc............................ 1.650 -1.73% HSBC Bank Malta plc ..................... 1.851 -0.22% Simonds Farsons Cisk plc ............... 9.470 0.00% International Hotel Investments plc 0.614 0.00% Tigné Mall plc ................................ 0.955 0.00% Lombard Bank Malta plc ................ 2.210 0.45% Pefaco International plc ................. 2.240 0.00% Malita Investments plc ................... 0.799 6.53% Santumas Shareholdings plc ......... 2.250 0.00% Malta International Airport plc ....... 4.680 0.00% Malta Properties Company plc ........ 0.504 0.00% MaltaPost plc ................................. 2.030 0.00% PG plc ........................................... 1.460 0.00% MSE Index The two biggest threats to trust in global markets - Senior adviser to Bank of England The two biggest threats to trust in international markets are the frag- mentation of global regulation and the electronification of markets, according to a senior adviser to the Bank of England. Speaking to Business Insider, Mark Yallop, an external member of the BoE's Prudential Regulation Committee and Chairman of the FICC Markets Standards Board (FMSB), said an increasingly inward-looking approach from global regulators and the unintended consequences of technology could have negative implications in the long-term, although stressed he was not predicting a "catastrophe, crash type event." The electronification of markets The electronification of markets, said Yallop, "does not eliminate market abuse and misconduct." Although the increasing use of technology in trading is not a bad thing in itself, he said, "you can't do it without some safeguards." According to Yallop, the electronic trading of fixed income markets is a particular concern. A move towards the greater use of technology in this area of the market increased substantially after the financial crisis, he said, in a drive to increase transparency and minimise risk. But in the late noughties, he said, "it was known" that equity markets had been trading electronically for years, and had suffered "all sorts of conduct abuses." "Anybody who'd thought for more than a minute" could have seen that moving to electronic trading was not a catch-all solution, he said, and would solve one problem while creating others. It is only now, said Yallop, that people are "really coming round to a level of concern about the unintended consequences of the electronification of fixed income markets." Such problems include new opportunities for market manipulation, such as electronic spoofing — when traders trick the market into thinking there is more demand to buy or sell than there actually is — or the creation of unfair advantages for certain traders, particularly when speed is an advantage. Speaking earlier this month at Bloomberg's London Buyside Week, Yallop also highlighted electronic "dark pools," in which selected participants trade outside the glare of public "lit" markets, which can be to the disadvantage of some market users. According to FMSB CEO Gerry Harvey, electronification often simply means that problems move from one group of people to another: some "really bad guys," he said, have developed technologies to "beat the system" designed to prevent misconduct. "We've had technology in the markets for years," he said, and it does not "code out" the problem. The fragmentation of regulators According to Yallop, another significant threat to global financial markets is an increasingly inward- looking approach being taken by global regulators. "We are now without doubt in a period when international regulatory cooperation is less intense than it was [six or seven years ago]," said Yallop. What we are seeing now, he said, is the "fragmentation of the global regulatory landscape." Since markets are global, he said, a focus on local issues is "risky from a market outcomes point of view." Lessons are not being learned consistently around the world, he said, because "they tend to get trapped within a particular jurisdiction." After the financial crisis, said Yallop, law makers and regulators took different approaches, and at different speeds, to addressing concerns about market regulation. Although for a time there was a "broad consensus" that regulation needed to be internationally coordinated to some degree, regulators around the world are increasingly prioritizing "their own domestic agenda," he said. This creates a situation where market participants are able to "arbitrage the rules between jurisdiction A and jurisdiction B," said Yallop, which "creates a slide back towards the world that we thought we were leaving behind." Yallop stressed that misconduct in financial markets is not only the product of the wrong behaviour of individuals, but also attributable to cultural and environmental factors and a lack of clear rules. To address the conduct issues revealed after the financial crisis, FMSB is working with banks, investors and other stake-holders to develop a set of global standards for market conduct, to fill what they see as a "conduct void." As one market practitioner told him recently, says Harvey, conduct is "like being in fog: I'm surrounded by it, it's cold and wet, I can't see my way through it and when I put my hand out to grab it, it disappears."