SMFG's brokerage to launch investigation after executives arrest
Add BT as a preferred sourceDeeperDive is a beta AI feature. Refer to full articles for the facts.
[TOKYO] Sumitomo Mitsui Financial Group's (SMFG) brokerage unit said on Saturday (Mar 5) it has set up an investigation committee following the arrest of its executives over alleged market manipulation.
Tokyo prosecutors arrested executives of SMBC Nikko Securities on Friday, the brokerage said without giving further details. The committee consists of 3 lawyers, it said.
Japanese media reported that 4 executives were arrested after the prosecutors searched the brokerage's headquarters in an inquiry into alleged market manipulation.
At issue are so called "block offers" after-hours transactions SMBC Nikko conducted in late 2019 through 2020 for investors selling specific stocks in large volumes, according to the local media.
The brokerage house launched buy orders for those stocks on the market to prevent closing share prices from falling far from levels at which the investors were willing to sell, they said. REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
Why where you park your joint venture matters: Lessons from a US$689 million shareholder dispute
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
Singaporeans can now buy record amount of yen per Singdollar
