Business Services Industry
SECURITIES COMMISSION WIDENS INSIDER PROBE
Info-Prod Research (Middle East), November, 2003
Federal Securities Commission Director Igor Kostikov told Bloomberg TV that he plans to broaden an investigation into insider trading that may have taken place when Moody's Investors Services announced on 8 October that it had raised Russia's sovereign debt rating, "The Moscow Times" reported on 10 November.
Kostikov will ask the U.S. Securities and Exchange Commission and Britain's Financial Services to assist in the probe. Moody's broke the news officially at 11:24 a.m. London time; but Russia's benchmark Eurobonds notched more than half of the day's $0.035 gain in the 35 minutes before the announcement, suggesting a leak of insider information. "Kommersant- Daily" quoted Kostikov as saying: "This happened in the West, not in Russia. We're going to speak to our colleagues...
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