Latest news with #SMBCNikko
Japan Today
22-07-2025
- Business
- Japan Today
Ex-SMBC Nikko deputy president convicted over market manipulation
A Japanese district court on Tuesday convicted a former deputy president of SMBC Nikko Securities Inc over his role in market manipulation involving the illegal purchase of shares to stabilize stock prices. Toshihiro Sato, 63, was sentenced by the Tokyo District Court to two years and six months in prison, suspended for five years, for violating the financial instruments and exchange act while working for the major Japanese brokerage. Four other former employees were also convicted on the same charge. All five had pleaded not guilty. According to the indictment, between December 2019 and April 2021, SMBC Nikko placed large buy orders to stabilize the prices of 10 stocks. The trades were part of "block offering" transactions, in which the firm purchased significant volumes of shares from major shareholders outside normal trading hours and resold them to investors. Trials for SMBC Nikko as a corporation, which admitted to the charge, and for another former executive were held separately. The court handed down guilty verdicts in 2023, and those rulings have since been finalized. © KYODO
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Nikkei Asia
22-07-2025
- Business
- Nikkei Asia
Ex-SMBC Nikko deputy president convicted over market manipulation
Crime Four other former employees of Japanese brokerage also convicted According to the indictment, SMBC Nikko placed large buy orders to stabilize the prices of 10 stocks. All five former employees pleaded not guilty in the case. © Reuters TOKYO (Kyodo) -- A Japanese district court on Tuesday convicted a former deputy president of SMBC Nikko Securities over his role in market manipulation involving the illegal purchase of shares to stabilize stock prices. Toshihiro Sato, 63, was sentenced by the Tokyo District Court to two years and six months in prison, suspended for five years, for violating the Financial Instruments and Exchange Act while working for the major Japanese brokerage. Four other former employees were also convicted on the same charge. All five had pleaded not guilty. According to the indictment, between December 2019 and April 2021, SMBC Nikko placed large buy orders to stabilize the prices of 10 stocks. The trades were part of "block offering" transactions, in which the firm purchased significant volumes of shares from major shareholders outside normal trading hours and resold them to investors. Trials for SMBC Nikko as a corporation, which admitted to the charge, and for another former executive were held separately. The court handed down guilty verdicts in 2023, and those rulings have since been finalized.
Bloomberg
21-07-2025
- Business
- Bloomberg
Ex-SMBC Nikko Managers Face Verdicts in Market Manipulation Case
Five former executives at Japanese brokerage SMBC Nikko Securities Inc. are about to hear verdicts in a long-running stock market manipulation case, marking the culmination of a scandal that rocked Japan's financial industry. The Tokyo District Court is expected to deliver rulings later Tuesday concerning the firm's ex-head of equity Trevor Hill and his deputy Alexandre Avakiants, as well as three Japanese former executives. Prosecutors are seeking multi-year prison terms for their alleged role in trying to support stock prices ahead of so-called block trades. The five defendants have denied wrongdoing.
Yahoo
15-07-2025
- Business
- Yahoo
Japanese Bonds Risk Liz Truss Moment as Election Jolts Market
(Bloomberg) -- Japan's bond market is facing a potential Liz Truss moment as the risk of a ruling coalition defeat in Sunday's election fuels concerns over fiscal policy, according to SMBC Nikko Securities Inc. Why Did Cars Get So Hard to See Out Of? Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests LA Homelessness Drops for Second Year Yields on bonds with maturities of 20 years and beyond have risen at least 20 basis points this month, part of a wave of selling in global bond markets as investors increasingly worry about government finances. That has put the spotlight on a weekend election for Japan's upper house, which local media think may end in disappointment for the ruling Liberal Democratic Party and its coalition partner. Rival political parties have campaigned on populist promises including cash handouts, consumption tax cuts and more subsidies for education. These pledges raise the risk of heavy selling by so-called bond vigilantes, whose response to the policies of former British Prime Minister Truss around three years ago caused a moment of chaos in the bond market — and sent a warning shot to governments around the world. 'The problem is that we can't totally rule out a bond vigilante revolt like the Truss shock,' Ataru Okumura, senior interest-rate strategist at SMBC Nikko, wrote in a note on Tuesday. 'What's more, the market can't fully price in that risk ahead of time.' Morgan Stanley MUFG Securities Co. expressed a similar view. A coalition defeat may see overseas investors accelerate their selling of super-long bonds on concern that a consumption-tax cut might be more likely, Koichi Sugisaki, macro strategist at Morgan Stanley, wrote in a research note. The recent election promises have added to broader concerns that Japan may ramp up spending, as it attempts to soften the impact of US tariffs and possibly concede to Washington's push for higher defense outlays. That may compound the pressure on longer maturity bonds, which are vulnerable to long-run concerns about fiscal health. Japan's benchmark 10-year yield hit its highest level since 2008 on Tuesday, while the 20-year and 30-year yields climbed to peaks last seen in 1999. The fate of Truss, who left office after less than two months in power following a bond market revolt, has become synonymous with the power of bond markets to pile pressure on politicians. The analysts aren't predicting that Japan's Prime Minister Shigeru Ishiba will lose his job directly as a result of a selloff in bonds, but instead that more market turmoil may be coming if he suffers an election defeat. Local media reports suggest the ruling coalition is fighting an uphill battle, with 53% of respondents to a recent NHK survey saying they disapprove of Ishiba's cabinet. Markets may now proceed on the assumption that the ruling party will lose and Ishiba will ultimately step down, said SMBC Nikko's Okumura. Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot The New Third Rail in Silicon Valley: Investing in Chinese AI 'Our Goal Is to Get Their Money': Inside a Firm Charged With Scamming Writers for Millions 'The Turbulence Is Brutal': Four Shark Tank Businesses on Tariffs Will Trade War Make South India the Next Manufacturing Hub? ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Wall Street Journal
27-06-2025
- Business
- Wall Street Journal
Personal Income Data Skewed by Social Security ‘Catch-Up' Payments
A drop in personal income in May data released Friday is largely attributable to an anomaly in Social Security payments, according to Troy Ludtka, senior U.S. economist at SMBC Nikko Securities Americas. Personal income decreased 0.4% from the prior month in May, according to estimates released today by the U.S. Bureau of Economic Analysis. While this was a miss compared with many analysts' estimates of a 0.3% increase, the data isn't concerning to Ludtka, he said in a note. Federal policy changes raised benefits for some government retirees, and 'catch-up payments" boosted April's income data. Now, May's data shows a reversal, with Social Security payments falling 7.3% in May from a month earlier.
