Probe by German regulator

　　A formal investigation into possible market manipulation in Volkswagen's shares was launched yesterday by Germany's financial regulator after a huge swing in the carmaker's market value of some 370bn ($476bn) this week alone.

　　The probe by Bafin follows sharp criticism over the transparency of the country's capital markets after a vertiginous surge in VW's share price triggered by the weekend disclosure by Porsche that it had a much larger interest in its fellow carmaker than many traders had realised.

　　Shares in VW retraced some of those gains yesterday, tumbling 45 per cent to 517 after Porsche promised to settle options over up to 5 per cent of the carmaker's shares. This was aimed at avoiding “further market distortions” that could threaten the survival of some hedge funds.

　　Bafin said it had started a formal investigation for possible market manipulation, which could lead to criminal sanctions of up to five years in jail or a fine of up to 1m. It has not identified any targets.

　　Porsche said it had consulted Bafin at every step in its takeover of control at VW and refuted any allegations of market manipulation.

　　德国金融监管机构昨日就大众汽车(Volkswagen)股价可能存在的市场操纵行为展开正式调查，此前这家汽车制造商市值出现巨幅波动，仅本周就高达3700亿欧元（合4760亿美元）左右。

　　德国联邦金融监管局(Bafin)是在人们对该国资本市场透明度提出强烈批评之后展开的调查。此前，保时捷(Porsche)于上周末披露，其在大众汽车的持股比例远远超出许多交易员所了解的水平，由此引发大众汽车股价出现了令人眩晕的飙升。

　　大众汽车股票在昨日交易中回吐了部分涨幅，大跌45%至517欧元。此前，保时捷承诺，将结算多达5%的大众汽车股份期权。此举旨在避免 “进一步的市场扭曲”，该情形可能威胁到一些对冲基金的生存。

　　Bafin称，已对可能存在的市场操纵行为展开正式调查。如果罪名成立，将可能导致最高5年的监禁，或多达100万欧元的罚款。该机构没有提到任何具体调查对象。

　　保时捷表示，在获得大众控制权的过程中，每一步都向Bafin进行了咨询，并驳斥了任何有关其操纵市场的说法。