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Germany investigates short selling

Germany's stock market regulator said yesterday it was looking into suspicions of short-selling ahead of the terrorist attacks in New York and Washington last week, but said it was too early to say which shares might be involved.

"We're looking at share prices," said Sabine Reimer, a spokeswoman for the Bundesaufsichtsamt fuer Wertpapierhandel. "It's within the scope of our usual responsibilities."

Reimer, who stressed authorities regularly check share price developments and trade volume for irregularities, said it was too early to say what shares might be involved or what kind of investigation might be conducted -- "but the devastating events of last week make routine examination of shares all the more important."

So far, she said, there has been "no need" to work with authorities in other countries over the issue.

The Frankfurt Stock Exchange said it investigated market rumors that Osama bin Laden may have tried to profit from stock trading before the terrorist attacks in the US. It reported no irregularities. Reports have said that investigators in Europe and the US were checking stock movements of three big European reinsurance companies, including a German one, Munich Re, that provided insurance backup for the World Trade Center.

But Uwe Velten, a spokesman for Deutsche Boerse, said it investigated trading in Munich Re stocks and found nothing suspicious on "the decisive days."
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