Authorities have safeguards against risks in trading fuelled by online discussions: Ong Ye Kung
SINGAPORE - Authorities here have three measures in place to safeguard against the risks related to securities trading like those fuelled by online discussion forums and social media chat groups. These measures are to provide market transparency, curb any sharp price movements and take enforcement action against market misconduct, said Transport Minister Ong Ye Kung, who is a Monetary Authority of Singapore (MAS) board member. Mr Ong added that there have been no signs that discussions in online forums or social media chat groups have led to any significant increase in the trading of securities listed in Singapore, he said in the wake of the populist stock movement WallStreetBets' effect on certain US share prices last month. Market regulators MAS and Singapore Exchange Regulation (SGX RegCo) are also on heightened alert to such activities. He was responding to a parliamentary question on Tuesday (Feb 16) by Mr Desmond Choo (Tampines GRC) on concerns regarding securities trading driven by online discussions and the safeguards against this, which could destabilise the securities market. Stocks of firms such as video game retailer GameStop and cinema chain AMC Entertainment Holdings ...
