More please

The UK takeover panel decided last year that significant holders of contracts for difference (CFDs) must be disclose their ownership in an offer period. The FSA should go a bit further and mandate their disclosure regularly. Holders of CFDs can exert influence over a company. The counter-party to the CFD holder will usually hold the underlying stock to hedge away risk. In several situations such as BAE’s takeover of Alvis and Philip Green’s takeover attempt of M&S, some CFD holders have come to ...