NCJ Number
133799
Journal
Australian and New Zealand Journal of Criminology Volume: V 23 Issue: 2 Dated: (June 1990) Pages: 125-140
Date Published
1990
Length
16 pages
Annotation
In-depth interviews were conducted with almost stock exchange officials, brokers, merchant bankers, lawyers in large law firms, and various other financial advisers and observers as well as national, State, and Territory corporate regulatory officials in Sydney, Melbourne, Perth, and Canberra to determine the extent of insider trading in Australia.
Abstract
The exact incidence of insider trading is shrouded in myth, rumor, and rhetoric, but there were a sufficient number of persons from across all sectors of the industry who provided enough information to conclude that insider trading is far more widespread in Australia than many are prepared to acknowledge and certainly is a cause for concern. The further one moved from the center of the market, the more often insider trading was identified as widespread. Brokers responded that insider trading was not as widespread as did exchange officials, but financial advisers, lawyers, and market observers all considered the practice to be widespread. Most participants regarded insider trading in takeovers as commonplace which confirms the widely held views about the link between takeovers and insider trading. 5 notes