Person engaged in market manipulation was punished
The Financial Supervision Authority punished Oyvind Hjulmand with a fine for market manipulation.
Oyvind Hjulmand manipulated the securities market with the aim of getting a better result in the stock exchange game “Börsihai 2008” organised by LHV. Harju County Court did not change the decision of the Financial Supervision Authority in said misdemeanour matter.
On 5-7 November 2008, Oyvind Hjulmand submitted to NASDAQ OMX Tallinn Exchange 12 small-scale misleading transaction orders regarding the listed companies AS Arco Vara, AS Kalev, AS Trigon Development Properties and AS Viisnurk. Soon after entering the transaction orders, he cancelled them. With that, Oyvind Hjulmand created a misleading notion for other traders that with the price given in the transaction orders, there is interest to sell or buy shares.
“Manipulation with the securities market is prohibited even if the further goal is as trivial as achieving a better result in a game with a virtual portfolio,” Kristjan-Erik Suurväli, Head of the Market Supervision and Enforcement Division of the Financial Supervision Authority, commented.
If transaction orders are entered in the trading system of the stock exchange, which are aimed at giving a false impression that at the given price there is an offer or demand for the financial instrument, and the transaction orders are withdrawn from the market before execution, it is misleading for the market and thus a prohibited activity.
In the stock market game “Börsihai 2008”, virtual transactions were made as close as possible to the market conditions, taking the purchase and sale offer prices valid at the time on the Tallinn Stock Exchange as the basis of transactions. In the game, Oyvind Hjulmand used the nickname “Funky Dinosaur”.