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And then a big trade in the 4.30pm - 4.35pm auction which sinks the closing price by 1%!

And I can’t see anything in the financial statements on any provision in respect of the Belgium ML investigation. The auditors would have been all over this issue, especially given the headlines, so the fact that they are happy that no disclosure is required means that this should be a non-issue (any fine, if any at all, should be minimal, and any US legal claims without basis). That alone should de-risk this as an issue, and allow us to claw back some of the losses from earlier in the month.

Now falling like a stone! >£500m now knocked off today alone; at some point someone must see some value in a cash-generative, zero debt fintech business growing revenues at c20% PA! Anyone would think that the company is insolvent!

Fall today looks like coming from the below

https://www.businesswire.com/news/home/20260608338447/en/Securities-Fraud-Investigation-Into-Wise-Group-plc-WSE-Announced-Shareholders-Who-Lost-Money-Urged-to-Contact-The-Law-Offices-of-Frank-R.-Cruz

I can't imagine that more than 5% of the company was bought in the US between 11 May and 1 June, and even if each suffered a 10% loss , that would be less than £50m total loss. 4% fall today (or c£320m) seems disproportionate. Main issue seems to be a loss of confidence at the moment. Does not help that the annual results won't be until 30 June. Need some positive vibes to get this back on track. Likewise, I can't see any bigger issues with the underlying business.

Do we think that we have reached the low-point for the share price, or just the continuance of a downward trend? At one point today we are down 32% from the US listing, which is already a heavy fall.

One of the key drivers to this business is just how big the market is in terms of FX volume - even if MC take a percentage, there is still plenty for WISE; it is also just a trial for MC, and won't be cheap for them to set up on a global level to match WISE.

Following the last trading update on 13th April WISE price hit 1026. At that stage the Tech 100 was 25,000; today it is 29,000, and WISE is 940. WISE feels like a diamond covered knife; if you catch it right, you could do very well, but given the declines this week needs some courage.

Just a shame that management failed to sell their company during the presentation on Monday; can't think of many top executives which could drive a 15% decline in a share price when supposedly the message is a positive one!