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The Japan Securities Dealers Association said on March 15 it has imposed a penalty of 300 million yen ($2.23 million) on SMBC Nikko Securities Inc. for market manipulation, matching the highest fine previously issued by the organization.
The Japan Securities Dealers Association said Wednesday it has imposed a penalty of 300 million yen on SMBC Nikko Securities Inc for market manipulation, matching the highest fine previously issued by the organization. According to the JSDA, SMBC Nikko illegally propped up the prices of 10 individual stock issues to…
SMBC Nikko Securities Inc. and its parent company, Sumitomo Mitsui Financial Group Inc. (SMFG), announced a series of in-house disciplinary measures Nov. 4 that included cuts in executive pay. The steps came in response to a business improvement order by the Financial Services Agency.
In a highly unusual move, SMBC Nikko Securities Inc. will retain its president despite the arrests of executives on suspicion of market manipulation and an order by the Financial Services Agency for the company to partially suspend operations for three months.