Anti-insider trading planned

Anti-insider trading planned

MANILA (Reuter): Southeast Asian stock exchanges are
finalizing plans to exchange information as part of their battle
to stamp out insider trading, Philippine Stock Exchange president
Eduardo delos Angeles said yesterday.

"The working arrangement is important especially when we were
talking about insider trading where some of the parties may be
foreigners," he said at a breakfast forum in Manila.

Exchange officials plan to meet in South Korea in November to
work out a mechanism for exchanging information following a rise
in intra-regional investment.

Delos Angeles cited cooperation with Kuala Lumpur over an
insider trading probe into Interport Resources Corp of the
Philippines, which is involved in a tie-up with Malaysia's Ganda
Holdings Berhad.

Such cooperation could eventually evolve into a regional
system of cross-border stock trading, an idea first broached by
the Taiwan, Hong Kong and Tokyo exchanges, he said.

Exchanges in the Association of Southeast Asian Nations
(ASEAN) are now also looking at a regional system linking the six
members -- Thailand, Malaysia, Singapore, Indonesia, Brunei and
the Philippines.