SESC Proposes $1.9m Fine for Morgan Stanley MUFG over Market Manipulation
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SESC Proposes $1.9m Fine for Morgan Stanley MUFG over Market Manipulation
Japan’s financial market watchdog, the Securities and Exchange Surveillance Commission (SESC), today recommended fining Morgan Stanley MUFG Securities for alleged market manipulation related to shares of railway operator, Seibu Holdings, according to a Reuters report.
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SESC has recommended that the Financial Services Agency (FSA) imposes a penalty of ¥220 million ($1.9 million), as revealed in a statement posted on its website.
Findings
The SESC said that a trader at the brokerage manipulated the market to raise Seibu’s share price by conducting transactions without the intention to execute and ... (read more)
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