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asic probes amp futures trading

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    ASIC probes AMP futures trading

    Australia's corporate watchdog is looking into possible insider trading of futures contracts the day before AMP announced its massive restructure.

    The Share Price Index on the Sydney Futures Exchange took an unusual dive the day before AMP announced its demerger and capital raising plans.

    AMP had sold more than $1 billion worth of shares to institutions at $5.50, driving the value of the stock lower.

    The chairman of the Australian Securities and Investments Commission David Knott says there has been no link found between the unusual futures trading and AMP.

    "I should also emphasise that there's no evidence that AMP itself was in any way concerned in the trading so we're working very closely with the Sydney Futures Exchange to better understand the situation," he said.

    Shares in AMP have plunged into record low territory today, closing 20 cents lower at $5.40.

    The insurer was the most heavily traded stock for a second day, after losing nearly 36 per cent on the market yesterday.
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