IBNet launches share price manipulation software

IBNet launches share price manipulation software

AIM-quoted company IBNet has launched Sharedetec, a product developed in association with UK brokerage Old Mutual Securities which monitors Internet bulletin boards for gossip and rumours on listed companies.

IBNet says the product addresses the threats the Internet poses to quoted companies through the misuse of Internet bulletin boards. The Sharedetec service is one of a suite of products being developed by IBNet which use spidering and agent technology to monitor the Web for misuse of corporate information.

Sharedetec actively monitors selected UK bulletin boards and financial media sites searching for new stories and comments on listed shares. Once content is identified the system alerts the user via their PC. The concept was developed in association with IBNet broker Old Mutual Securities, whose market making team and corporate brokers use the system to monitor Internet commentary on their clients and the portfolio of stocks in which they make markets.

Edmond Warner, CEO of Old Mutual Securities, comments: "Gossip on bulletin boards moves share prices. In a couple of months Sharedetec has proved invaluable, turning a threat to our profitability into an opportunity."

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