PSZAF fines OTP Ft 10 million for infringing market-influence regulations

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Hungary’s financial-market regulator PSZAF has fined OTP Bank HUF 10m (EUR 36,899) for violating regulations regarding unfair market influence.

An accidental keyboard error by an OTP trader could have served to unfairly influence the judgment of market operators regarding the trading of MOL shares, PSZAF said. The trader of OTP wanted to sell 1,000 MOL shares but erroneously typed in 100,000 shares, PSZAF said explaining its decision.

PSZAF said OTP withdrew the selling offer for the 100,000 registered MOL shares at HUF 17,000 in the closing phase of trading on the Budapest Stock Exchange on January 20, 2010 only after more than two minutes of showing. The offer, recorded and withdrawn by OTP, was thus capable of sending out false or misleading signals regarding the supply conditions of MOL shares, PSZAF said.

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