Taipei, March 15 (CNA) Former spokesman and senior vice general manager at Shin Kong Financial Holding Co. Sunny Hsu (徐順鋆) was released on bail of NT$200,000 (US$7,002) on Tuesday after being questioned over suspected insider trading.
The Financial Supervisory Commission (FSC) yesterday sanctioned 10 securities companies over failure to exercise proper information security controls regarding their high-speed trading services.
Cathay Securities Co (國泰證券), Concord Securities Co (康和證券) and SinoPac Securities Co (永豐金證券) received the severest fine of NT$1.44 million (US$50,945) each, as they had serious security breaches, Securities and Futures Bureau Deputy Director-General Kuo Chia-chun (郭佳君) told a news conference in New Taipei City.
The fines came after the commission conducted a special inspection of the Taiwan Stock Exchange’s information center in New Taipei City’s Banciao District (板橋) in November last year.
Securities firms place their servers in the
Taiwan Business Quick Take
Investors lock in gains
The TAIEX yesterday closed lower in a volatile session, as investors shifted to the sell side to lock in earlier gains amid concerns over the attitude of foreign institutional investors who have increased short-term futures contracts in recent sessions, dealers said. Market sentiment has also been affected by an increase in domestic COVID-19 cases related to a hospital in Taoyuan, with many investors fearing that an escalation of the disease would hamper economic activity, they said. However, contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) remained resilient, preventing the broader market from falling further, they added. The TAIEX ended down 71.19 points, or 0.45 percent, at 15,806.18, on turnover of NT$414.877 billion (US$14.601 billion). Foreign institutional investors sold a net NT$21.55 billion of shares on the main board, Taiwan Stock Exchange data showed. TSMC shares finished up 3.19 percent to clo