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End of year Joke : Suspect dealings at the JSE

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Super Contributor
Heard of Allan Thompson.Head of its equity derivatives business at the JSE....fired for "insider trading" on his own account for 3 years!
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11 REPLIES 11
Valued Contributor
it was 2 weeks ago and wasn't insider trading .. it was trading on his own account without permission (and the story is more detailed than just that - gogole it) .. and there is a big difference ..
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Super Contributor
but did he an unfair advantage and he must have known that he needed permission and probably would not have been granted permission?
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Valued Contributor
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Super Contributor
okay, but then it seems like others were doing something irregular outside the JSE trading hub...what has happened to them?
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Valued Contributor
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Super Contributor
Its like an intruder in your house. u will get arrested for shooting him. there were irregularities by others and he was trying to offset them by using his account. I just don't like it when people say "he was fired for INSIDE TRADING.
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Super Contributor
the way I read it alan was trying to stop the corporations maniplulating the market for their advantage and the man in the streets disadvantage(potentially you and I).The way he did it was to use his account but for no personal gain.He was sacked for this as 'he took the law into his own hands'.I am a little concerned that the sacking appears motivated by corporations who are now free to manipulate to their adavantage as loophole has not been plugged.this does not show the free market on the jse up in a good light.it will be forgotten about and this guy has been bulleted-hope he comes right and finds a new pos as he comes out of this with his head held high in my opinion
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Super Contributor
yeah, but the point is there is some suspect dealings at the JSE
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Super Contributor
I call them the 80* F##cker..they been doing it for years
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Super Contributor
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Regular Contributor
My thoughts/questions on the Allan Thompson issue: 1. How could he be trading on his own account, but not have personal gain? (was he that bad at trading?) My uneducated understanding of the market is that, the market is a zero sums game? So if these "corporates" where making money and Allan stopped them from doing so who made the money, or was Allan putting money into the market to help the rest of us? 2. If Allan is the "Hero" here and inncoent, why does he not name and shame those Evil corporates and explain the loopholes so that the entire market can understand it? Could there be some sort of non-disclosure agreement between Allan and the JSE where he got to keep the money? It's interesting that South African are opposing the "Secrecy Act" but the JSE (Supposedly good Corporate Citizen) does not follow the rules on transparency and the Prevention of Organised Crime Act ... Makes one thing?
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