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TOKYO (Reuters) – The Japanese market regulator SESC announced on Tuesday that it had recommended a $ 1.2 million fine to the UK unit of Citigroup Inc. for alleged manipulation of bond futures prices. # 39; Japanese state.
The incident marks the latest crackdown by the Japanese authorities following alleged attempts to manipulate prices in the JGB futures market.
According to the SESC, an employee of Citigroup Global Markets Limited, based in the UK, has placed purchase and sale orders for 10-year JGB futures with no intention to perform. The SESC recommended a fine of 133 million yen.
Citigroup said the recommendation was taken seriously.
"Citi will give the highest priority to improving governance and internal control in order to comply with the Financial Regulations and Guidelines," the group said in a statement.
The SESC does not impose itself fines, which are ultimately inflicted by the regulator of the Financial Services Agency.
In July, the regulator imposed a 218 million yen fine on a Mitsubishi UFJ Financial Group joint venture and Morgan Stanley for attempting to manipulate future bond prices.
Report by Takahiko Wada; Written by Junko Fujita; Edited by David Dolan and Kim Coghill
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