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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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From: redfrecknj3/14/2006 8:34:16 AM
   of 110194
 
The Usual Suspects...wasn't Citibank kicked out for the same "aggressive trading"?

Japan’s financial watchdog on Thursday penalized the Tokyo branch of J.P. Morgan Securities Asia for alleged violations of securities laws. The Financial Services Agency said Thursday it ordered the Tokyo branch to suspend part of its stock-futures trading between Friday and March 31 because the company allegedly manipulated futures contracts.

A trader in the branch is suspected of placing a series of sell and buy orders for futures contracts, even though the trader did not intend to transfer any futures rights, the FSA said. The agency also ordered the branch to temporarily suspend its real-estate finance operations on suspicion of failing to give appropriate explanations to a customer when it sold a corporate bond.

These acts are prohibited by Japan’s securities laws, the FSA said. It ordered the branch to submit by the end of this month a business-improvement plan to strengthen its internal control systems.

J.P. Morgan Securities Asia, a unit of New York-based JPMorgan Chase & Co., said in a statement that it takes the matter “extremely seriously and is determined to further strengthen and implement internal regulatory compliance measures.”
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