[Weekly Wrap] Is there any truth to market manipulation rumours?

Judging by the strength of the rumour there is likely to be something there. As is often said there is no smoke without fire. Indeed one name is being liberally sprinkled around in conversations but no-one has yet put the name to paper (or screen). 

The trouble is we don't know if there has been any market manipulation and if there was whether it was big, small, an accident, or something systemic within the firm.

One thing this situation does is test the role of the Financial Markets Authority and indeed its credibility. So far it has been steadfast in its no comment approach. It will neither confirm nor deny what is going on.

For the sake of the integrity of the markets and the industry as a whole the FMA is probably obliged to provide some details.