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The Hong Kong Securities and Futures Commission has announced a $4 million fine to reprimand Yuanta Securities, one of its licensed members, over failure to disclose actual execution prices that it marked up in connection with nearly 100 client orders in 256 bond market transactions.
The markups and in some cases markdowns (for short related sales), occurred during a six-month period from July 1 through December 31st 2012, when Yuanta – acting as an agency broker – had made roughly $3.1 million in commissions in connection with the transactions, according to the SFC investigation.
Commission totaled $3.1m
The SFC said that Yuanta failed ... (read more)