SMBC Nikko Securities, whose four executives were arrested on suspicion of market manipulation in violation of the Financial Instruments and Exchange Act, revealed that the management system for buying and selling stocks may not have been sufficient.
The company has decided to take measures such as strengthening the management system after clarifying the actual situation of the transaction by the investigation committee established.
At SMBC Nikko Securities, four executives were arrested by the Tokyo District Public Prosecutors Office on suspicion of market manipulation in violation of the Financial Instruments and Exchange Act.
According to the company, in order to prevent the stock price of a specific stock from falling, it is suspected that they have made a fraudulent transaction. It means that there was no standard for.
Regarding such a management system, Yuichiro Kondo, president of SMBC Nikko Securities, said at a press conference on the 5th, "It is possible that the trading management system to maintain fairness was not sufficient."
For this reason, the company says that as an immediate measure, it has stopped accepting new block offers, increased the number of sales review personnel, and established a new specialized organization to monitor its transactions.
Since this case is an extremely unusual situation in which executives of a major securities company are arrested on suspicion of market manipulation, SMBC Nikko Securities has set up an investigation committee to clarify the actual situation of the transaction and then manage it. We are taking further measures such as strengthening.