3 brokerages incur small losses in trading scandal

[SINGAPORE] Major brokerages DBS Vickers Securities, OCBC Securities and Maybank Kim Eng said they suffered insignificant losses from a recent trading scandal because of risk controls that were in place.

Speculation has been rife on losses suffered by brokers following the rare intervention by the Singapore Exchange which on Oct 4 queried six companies and, before they could reply, suspended briefly trading in three of the designated stocks.

Roughly $8.4 billion of market value has been wiped out from the three designated stocks - Asiasons Capital, Blumont Group and LionGold Corp - in seven days from Oct 3 to Oct 10.