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HK regulator fines BNP Paribas US$1.9m for "dark pool" trading
[HONG KONG] Hong Kong securities regulator said on Monday it fined French bank BNP Paribas HK$15 million (S$2.7 million) for failures related to "dark pool"trading.
The Securities and Futures Commission (SFC) said BNP Paribas Securities (Asia) Ltd's dark pool, known as BNP Internal Exchange, failed to execute orders based on price priority for almost 1-1/2 years. The firm also failed to inform the SFC it had stopped operations on the exchange for seven months, which constituted a breach of BNP Paribas' license, the regulator added in a statement.
BNP Paribas also failed to keep appropriate trading records, among other issues.
The SFC on May 15 said it would bar operators of off-exchange share trading platforms known as 'dark pools' from accepting trades from retail investors, in a move to shield those investors from potential risks.