Newsgroup: it.economia.borsa
Titolo: per gerolamo

metti in archivio che potrebbe servire ^__^
Deutsche Bank Fined by FSA for Trading Before Client (Update1)
April 5 (Bloomberg) -- Deutsche Bank AG, Europe's second- biggest bank by
assets, was fined 190,000 pounds ($347,000) by the U.K.'s securities
regulator for making its own trades in stocks before executing the trade for
a client.
The Financial Services Authority found that Morgan Grenfell & Co. Ltd., a
U.K. unit of Deutsche Bank, in April 2002 made its own trades in seven of
the securities in a client's planned program trade after receiving
information about the trading plans.
Morgan Grenfell didn't tell the customer it might trade the securities based
on the information it received and didn't ensure the broker's own trading
wouldn't cause the client to ``suffer a disadvantage,'' the FSA said.
``By pre-hedging the program trade Morgan Grenfell ultimately disadvantaged
its customer, a fund manager, in the price they paid for the trade, and the
underlying investors in the relevant funds,'' Andrew Proctor, the FSA's
director of enforcement, said in a statement on the U.K.'s Regulatory News
Service.
The FSA is charged by the U.K. government with maintaining order in
Britain's markets and stamping out financial crime. The watchdog's conflict
of interest rules mandate firms should treat customers and manage the
conflicts of interest fairly.
Morgan Grenfell agreed on compensation for the client, the watchdog said,
adding the firm didn't intend to move the share price. No compensation
figure was given and identities of the brokers weren't disclosed.
`Regrets the Misunderstanding'
``Deutsche Bank takes its obligations to its customers very seriously and
therefore regrets the misunderstanding with an experienced institutional
customer about the firm's practices in respect of its program trading
business,'' Eva Hoeffelman, a spokeswoman for Deutsche Bank, said in an
interview.
``Deutsche Bank is voluntarily taking steps to clarify to its customers the
basis upon which it engages in program trading and to improve customer
communication,'' she added.
The client, who ``paid more than they would otherwise have done for this
trade,'' was a fund manager with more than 30 billion pounds under
management as of June 2002, the FSA said.
The broker was contacted in April 2002, along with two other firms, by the
fund manager for a quote and given limited information about the seven
stocks, the FSA said today.
The client asked for a quote from the three for a so-called blind bid
program trade, where the direction and the names of the stocks aren't
disclosed until after the trade has been awarded to a particular broker.
Correctly `Guessed'
Morgan Grenfell ``correctly identified the seven component securities and
guessed the client's intention,'' the FSA said, and began trading in the
stocks, including Daily Mail & General Trust Plc, the U.K. publisher
controlled by the Rothermere family.
The broker then gave the fund manager its quotes at 11:43 a.m. London time
and was awarded the trade at 11:59 a.m. with a strike time of 12:02 p.m.,
the FSA said.
Morgan Grenfell traded the seven securities until ``shortly'' after the
strike time. In the 20 minutes that the broker traded it represented 93.5
percent of the total purchases of Daily Mail and the stock's share price
jumped 9.99 percent, the FSA said. The prices of the other six securities
gained 1.12 percent to 3.81 percent in the same time.
Both of the unsuccessful brokers alerted the fund manager to the move in
several of the share prices, the regulator said. The client than rang Morgan
Grenfell for an explanation of the increase in the price of two of the
stocks.
After four hours and ``a series of conversations between the firm and the
customer,'' Morgan Grenfell made a payment to the fund manager to compensate
for the jump in Daily Mail's share price, the FSA said.

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 a client.
<cut>
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che figura di merda
BH