Three fined total of HUF 11.5 mln for 'wash trades' on BUX

Deals

The National Bank of Hungary fined three investors a total of HUF 11.5 mln for "wash trades" on the Budapest Stock Exchange, the bank announced today.

Those who were penalized include an unnamed individal, fined for HUF 6 mln, Xp-Banktechnica, fined for HUF 5 mln and PT Land, fined HUF 500,000.

A wash trade is a form of stock manipulation in which the investor simultaneously buys and sells the same shares in order to artifically increase volume. Such trades are illegal because they can falesly give the impression that a stock is under high demand – and artificially generate higher commissions for brokers.

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