20 October 2017
Register now

Japan's FSA suspends BNP Paribas unit

23 October 2009  |  5498 views  |  0 Japanese flag

Japan's Financial Services Agency has ordered BNP Paribas to suspend its derivatives business in the country for two weeks for share price manipulation and reporting failures.

According to the FSA, a trader in BNP's Tokyo equity and options department recently sent a massive buy order for an unidentified stock, with the intent of fixing the price.

In addition, the watchdog says BNP failed to respond properly to a separate order issued last year relating to a failed real-estate firm's convertible bond issue.

The regulator ordered BNP to submit reports related to the failure but says these were "incomplete in terms of content and contained untruthful descriptions".

Says the FSA: "Branch's business management control system and internal control system had serious defects, which includes cases of overlooking inappropriate business operations."

The company's boss in Japan, Yusuke Yasuda, will resign over the incident and the two week suspension starts on 2 November.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

BNP Paribas prime brokerage unit sells colocation business to Options IT

BNP Paribas prime brokerage unit sells colocation business to Options IT

21 September 2009  |  5040 views  |  0 comments
Japanese regulator slams Citi AML systems

Japanese regulator slams Citi AML systems

26 June 2009  |  9663 views  |  1 comments
Japan to build CCP for OTC derivatives trading

Japan to build CCP for OTC derivatives trading

22 May 2009  |  8451 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.vasco.comvisit www.fivedegrees.nlvisit www.innotribe.com

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
16072 views comments | 12 tweets | 4 linkedin
satelliteGates Foundation backs Ripple collaboratio...
8311 views comments | 13 tweets | 10 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
7874 views comments | 21 tweets | 26 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7300 views comments | 9 tweets | 17 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
6633 views comments | 10 tweets | 21 linkedin

Featured job

Competitive base, commission, benefits
London, UK

Find your next job