MNB fines private individual for market manipulation

Competition

The National Bank of Hungary (MNB) yesterday fined a private individual on charges of manipulating markets, Hungarian news agency MTI reported today.

MNB spokesman István Binder said the individual, identified only as Tibor F., was fined because of a transaction involving a little-traded share on the Budapest Stock Exchange (BSE). The investor simultaneously bought and sold the shares in a market manipulating practice known as a "wash trade", he added.

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