TOKYO (Reuters) - Japan's SESC market watchdog said on Tuesday it had recommended a $1.2 million (908,953 pounds) fine against the British unit of Citigroup Inc for alleged manipulation of Japanese government bond (JGB) futures prices. The incident marks the latest crackdown by Japanese authorities over alleged attempts to manipulate prices in the JGB futures market. The SESC said an employee of UK-based Citigroup Global Markets Limited made buy and sell orders for 10-year JGB futures without the intention to execute. The SESC recommended a penalty of 133 million yen. Citigroup said it takes the recommendation seriously. "Citi will place the utmost priority on further enhancing governance and internal control to comply with the financial regulations and directives," it said in a statement. The SESC does not itself issue fines, which are ultimately handed down by the Financial Services Agency regulator. In July the regulator slapped a fine of 218 million yen on a joint venture of … [Read more...] about Japan market watchdog seeks $1.2 million fine against Citi, alleges JGB manipulation
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Japan market watchdog seeks $1.2 million fine against Citi, alleges…
The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. Picture taken October 19, 2017. REUTERS/Chris Helgren TOKYO (Reuters) - Japan’s SESC market watchdog said on Tuesday it had recommended a $1.2 million fine against the British unit of Citigroup Inc for alleged manipulation of Japanese government bond (JGB) futures prices. The incident marks the latest crackdown by Japanese authorities over alleged attempts to manipulate prices in the JGB futures market. The SESC said an employee of UK-based Citigroup Global Markets Limited made buy and sell orders for 10-year JGB futures without the intention to execute. The SESC recommended a penalty of 133 million yen. Citigroup said it takes the recommendation seriously. “Citi will place the utmost priority on further enhancing governance and internal control to comply with the financial regulations and directives,” it said in a statement. … [Read more...] about Japan market watchdog seeks $1.2 million fine against Citi, alleges…
Citigroup to end Chinese securities JV to set up majority-owned venture
SINGAPORE/HONG KONG (Reuters) - Citigroup Inc <C.N> has agreed to sell its stake in its Citi Orient Securities joint venture to its Chinese partner, paving the way for the U.S. bank to set up its own brokerage in the world's second-largest economy. In December, Citigroup Global Markets Asia Ltd informed Orient Securities Co <600958.SS> <3958.HK> that the bank intended to sell all of its shareholding, the Chinese company said in an exchange filing on Tuesday. Orient said its board gave the green light for the acquisition of Citi's stake, adding that the deal will be subject to approval from China's securities regulator and state asset regulator. The transaction paves the way for Citi to set up a majority-owned securities joint venture in China, and a person familiar with the matter said that the bank was expected to finalise a new partner for that by end of the year. "On the back of recent regulatory changes, Citi wants to pursue ownership of a domestic JV with a … [Read more...] about Citigroup to end Chinese securities JV to set up majority-owned venture
Global markets rally after Trump-Xi cease-fire eases trade worries
By Georgi Kantchev The Wall Street Journal Mike Bird Mon., Dec. 3, 2018 U.S. stocks were poised to open sharply higher on Monday and global markets rallied after a cease-fire in the trade spat between the U.S. and China boosted investor sentiment following a rocky stretch for risk assets. Futures pointed to opening gains of 1.5% for the S&P 500 and 1.8% for the Dow Jones Industrial Average. In Europe, the Stoxx Europe 600 rose 1.3%, led by gains in autos and resources stocks. Asian markets finished sharply higher and the Chinese yuan gained against the dollar. Oil prices also climbed sharply, with Brent crude, the global price benchmark, jumping 3.7% to $61.62 (U.S.) a barrel after Russia and Saudi Arabia agreed to extend efforts by the Organization of the Petroleum Exporting Countries to curb production and Canada’s oil-rich province of Alberta also ordered a limit on output. On the trade front, President Trump and Chinese President Xi Jinping … [Read more...] about Global markets rally after Trump-Xi cease-fire eases trade worries
DealBook Briefing: Will U.S. Markets Stop Plunging?
Sections SEARCH Skip to content Skip to site index Subscribe Log In Subscribe Log In Today’s Paper Advertisement DealBook Supported by Oct. 12, 2018 Good Friday morning. Thasunda Duckett of JPMorgan Chase, Nancy Dubuc of Vice Media, Damien Hooper-Campbell of eBay and John Hope Bryant of Operation Hope will all be speaking at our “Playing for the Long Term” conference on Nov. 1 at Jazz at Lincoln Center in Manhattan. Register to attend . (Was this email forwarded to you? Sign up here .) A glimmer of hope after another day of market declines Wall Street tumbled again on Thursday. Broad selling left every sector of the S. &P. 500 down, with the index falling 2.1 percent. That followed Wednesday’s 3.3 percent loss, which was the bench mark’s biggest decline in eight months. As DealBook’s Peter Eavis pointed out, the plunge seems out of sync with the strong economy. But the good news, he … [Read more...] about DealBook Briefing: Will U.S. Markets Stop Plunging?