Japan s Financial Services Agency orders SMBC Nikko Securities Inc. to suspend part of its operations for three months, urging the brokerage to improve compliance following a market manipulation scandal that led to the indictment of former executives.
SMBC Nikko Securities Inc. says an investigation panel looking into the major Japanese brokerage s trading scandal has called it an "inappropriate and unjust act," adding the incident was not prevented because of a failure in its corporate governance system.