TSE imposes penalties on SMBC Nikko over trading

Yomiuri Shimbun file photo
The logo of SMBC Nikko Securities Inc.

TOKYO (Jiji Press) — The Tokyo Stock Exchange said Tuesday that it has ordered SMBC Nikko Securities Inc. to suspend proprietary transactions of securities for five days from Jan. 16 next year and pay ¥300 million as penalties over a stock price manipulation case.

The TSE imposed the longest suspension and the biggest penalty money ever in view of the impact the misconduct had on market reliability.

The TSE also instructed the brokerage unit of Sumitomo Mitsui Financial Group Inc. to submit a business improvement report.