Exposed: critical failings at CI Stock Exchange
Thursday 24th October 2013, 12:00PM BST.
CRITICAL failings at the Channel Islands Stock Exchange have been exposed following an independent expert report into the organisation.
CISX chairman Jon Moulton commissioned the document, which lists a number of areas where the exchange is at risk as well as processes that are ‘inappropriate and unworkable’.
Author Mark Tubby, who is a former head of regulation of two UK-recognised investment exchanges and one recognised clearing house, conducted the review between 28 August and 6 September this year.
He was highly critical of some of the processes in the exchange’s Market Authority and used the example of a case where two former Vantis accountants and Inland Revenue employees were allowed dishonestly to ramp up share prices of a company called Clerkenwell Medical Research, which was listed on the Channel Islands Stock Exchange.
‘The Clerkenwell episode (2007) is a hideous example of ineptitude exacerbated by wilful prevarication and disingenuous credulity,’ Mr Tubby said in the report.