Effects on the Securities Markets of certain statements made in May 2006 concerning telecommunications

TABLE OF CONTENTS

• EXECUTIVE SUMMARY
• PART I. INTRODUCTION
  • The Commission's inquiry
  • Procedure
• PART II. THE EVENTS OF 3 MAY 2006
  • Effect on the market
  • Findings of the Inquiry
    • Telecom
    • The Government
  • Recommendations
• PART III. THE EVENTS OF 16 MAY 2006
  • Effect on the market - 16 May 2006
  • Findings of the Inquiry
    • The Bloomberg reports
    • No evidence of confidential or price-sensitive information
  • Recommendations
• Appendix A: Terms of Reference
• Appendix B: Chronology
• Appendix C: Market data graph May 3 2006
• Appendix D: Cabinet Office Circular CO (02) 14
• Appendix E: Telecom Media Release
• Appendix F: Bloomberg transcript
• Appendix G: Market data graph May 16 2006