Citi Faces $1.2M Fine Over Japan 'Spoofing' Allegations
Law360, London (March 26, 2019, 12:20 PM GMT) -- Japan's financial watchdog said Tuesday it has recommended that a British unit of Citigroup Inc. should be fined 133 million yen ($1.2 million) for allegedly manipulating prices in the Japanese government bond futures market.
Japan's Securities and Exchange Surveillance Commission is alleging that a British unit of Citigroup Inc. manipulated prices in the Japanese government bond futures market. (AP) The Securities and Exchange Surveillance Commission claims a U.K.-based employee of Citigroup Global Markets Ltd. — the broker-dealer subsidiary of Citi — placed large volumes of buy-and-sell orders for 10-year futures in the bonds on the Osaka Exchange, but had no intention...
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