The HFSA examined whether, in relation to the research, statutory provisions
on the prohibition of market manipulation were breached by any market participants.
During the procedure the HFSA checked the trading data for OTP shares and did
not identify any behaviour which would have amounted to market manipulation. The
procedure also examined the content of the research.
In the course of HFSA’s investigation Morgan Stanley & Co. International
plc presented detailed methodological materials about the background to the research.
The investigation established, that the price targets were the weighted average
of the fundamental share values indicated in each scenario covered in the research.
HFSA checked the definition of all price targets, as well as the methodology used
for this, and came to the conclusion that Morgan Stanley & Co. International
plc’s conclusions did not amount to dissemination of ungrounded, misleading or
false information and thus did not amount to market manipulation.
Budapest, 24 July 2009
Hungarian Financial Supervisory Authority
More information for the press:
Istvan Binder Spokesman
T: +36-1-489-9235
E-mail: binder.istvan@pszaf.hu