(Update) Fine Sought for Nomura over Alleged JGB Futures Manipulation
Tokyo, Sept. 25 (Jiji Press)--Japan's Securities and Exchange Surveillance Commission on Wednesday advised the Financial Services Agency to impose a fine of 21.76 million yen on Nomura Securities Co. for allegedly manipulating the Japanese government bond futures market.
The brokerage giant is suspected of making profits by placing many orders without intending to actually trade, in violation of the financial instruments and exchange law.
According to the SESC, a Nomura Securities trader allegedly manipulated prices for long-term JGB futures on the Osaka Exchange on March 9, 2021, by placing numerous sell and buy orders, which induced orders by other market participants.
The Nomura Securities trader then repeatedly traded at advantageous price levels to amass a profit of 1.48 million yen before canceling 98 pct of the inappropriately placed orders.
"It was an act that discredits securities companies at a time when they are expected to act as market gatekeepers," the industry watchdog said.
(2024/09/25-21:18)
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