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News on regulatory investigations, enforcement actions, and technologies addressing practices like insider trading, market manipulation, and spoofing.
Market Abuse
Five Major Banks Face UK Class Action in FX Rigging Case
By Editors | 31/07/2019
The class action, estimated to be worth more than $1.2bn for trades executed in the UK, follows a similar-size fine levied against the banks by the European Commission in May.
Fraud, Scams & Cybercrime
Hong Kong ICAC Charges Five More Individuals in Convoy Case
By Editors | 23/07/2019
Six individuals are now charged with conspiracy to defraud the Hong Kong stock exchange and the board of directors, shareholders and investors of Convoy.
Cryptocurrency
Philippine SEC Consults on Draft Rules for Digital Asset Exchanges
By Manesh Samtani | 19/07/2019
The rules specify capital requirements of PHP 100mn, plus 12 months of operating expenses, and allow digital asset exchanges in the Philippines to be set up by foreign-registered entities.
Market Abuse
S. Korea Forms Special Unit to Investigate Unfair Trading
By Editors | 18/07/2019
The squad comprises 16 special judicial police officers, one FSC public official and 15 FSS employees, tasked with handling unfair trading cases under the command of Seoul prosecutors.
Market Abuse
KRX Fines Merrill Lynch for High-Frequency Trading Activities
By Editors | 17/07/2019
KRX found that over an eight-month period, Merrill Lynch’s Seoul branch engaged in 6,220 high-frequency trades on behalf of a foreign hedge fund.
Market Abuse
US SEC Penalises Nomura for Mis-sold Mortgage Backed Securities
By Editors | 17/07/2019
Nomura Securities International has agreed to repay approximately $25mn to affected customers and $1.5mn in SEC fines to settle the charges.
Market Abuse
SFC Fines Hong Kong Brokerage for Ineffective Short Selling Controls
By Editors | 16/07/2019
Glory Sun Securities has been fined HK$1.2m for failing to ensure compliance with short selling requirements. Two responsible officers and an account executive have also been suspended.
Market Abuse
ANZ, Citi, Deutsche to Defend Against Criminal Cartel Charges in September
By Editors | 12/07/2019
The government accuses the banks of forming a criminal cartel to either “directly or indirectly” restrict the supply of ANZ shares or maintain the price of ANZ shares.
Market Abuse
Singapore Convicts Three Front-Runners Under Insider Trading Laws
By Editors | 11/07/2019
Two First State equity dealers told a UOB Kay Hian remisier about their firm’s intended orders to front-run trades in 100 counters, leading to over S$8mn in insider trading profits over 8 years.
Market Abuse
SFC Orders Freezing of More Assets Linked to Manipulation Case
By Editors | 26/06/2019
The SFC has ordered more brokers to stop dealing with and processing assets linked to suspected market manipulation of Ding Yi Feng shares.
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