Over 13 financial services companies in South Africa have collaborated to launch the draft market surveillance code of conduct. It was launched at Investec’s Market Surveillance Conference in Sandton, Johannesburg yesterday.The market surveillance code of conduct will also seek to address market abuse and anti-competitive practices in the financial sector.
The Financial Sector Conduct Authority’s Olano Makhubela says, “The communication surveillance is something that was picked up on when the currency, the rand manipulation came up, which is about what people say in the chat rooms. And part of the message is, don’t say anything confidential or relating to confidential client information in those chats and then the trading aspect deals with market abuse.