Latest news with #marketmanipulation
Bloomberg
6 hours ago
- Business
- Bloomberg
Jane Street to Argue That Retail Demand Drove Its India Trades
Jane Street Group LLC is expected to argue that its controversial Indian options trades were a response to outsized demand from retail investors, people familiar with the matter said. The trading giant has been working on its defense against market manipulation allegations from the Securities and Exchange Board of India. The regulator in early July alleged Jane Street had taken large positions that artificially influenced prices in the country's stock and futures markets, moving them in favor of its options bets on multiple days.
Reuters
15 hours ago
- Business
- Reuters
Jane Street seeks more time to respond to Indian regulator's interim order
BENGALURU, July 28 (Reuters) - U.S. trading firm Jane Street said on Monday it has sought an extension to respond to an interim order from India's markets regulator alleging it manipulated securities markets. In an interim order on July 3, the Securities and Exchange Board of India barred the company from trading securities in the Indian market, saying some of its trading strategies were manipulative and led to losses for retail investors, and gave it 21 days to respond. However, SEBI lifted the trading restrictions on Jane Street last week after the firm deposited $567 million, giving the regulator rights over the money. The company is continuing to not trade in the Indian market despite the regulator's go-ahead. "The firm's strategies always include trading in options along with cash market. Since the firm had given an undertaking to SEBI that it will not trade in options, it is not trading cash as well," a source with direct knowledge of the matter told Reuters. Jane Street sought extension because it needs more time to rebut the allegations about its trades, the source said on condition of anonymity as they are not authorised to speak to the media. SEBI did not immediately respond to a Reuters email seeking comment on the extension Jane Street has sought.
Reuters
15 hours ago
- Business
- Reuters
Jane Street seeks extension to respond to Indian regulator
BENGALURU, July 28 (Reuters) - U.S. trading firm Jane Street said on Monday that it has sought an extension to respond to an interim order from India's markets regulator alleging it manipulated securities markets. According to the July 3 directive from the Securities and Exchange Board of India, the trading firm had 21 days to respond to the order.
Bloomberg
16 hours ago
- Business
- Bloomberg
Jane Street Seeks Extension to Answer India Regulator's Probe
Jane Street Group asked regulators for more time to respond to accusations that its trading business manipulated the securities market in India. The Securities and Exchange Board of India earlier this month temporarily barred Jane Street from accessing the local securities market for alleged index manipulation, a severe hit to the US firm, which made $4.3 billion in trading gains in India over more than two years.
Japan Times
22-07-2025
- Business
- Japan Times
Former SMBC Nikko managers found guilty in market manipulation case
Five former executives at Japanese brokerage SMBC Nikko Securities were found guilty for their roles in a market manipulation case, marking the culmination of a scandal that rocked Japan's financial industry. The Tokyo District Court handed down suspended prison sentences for the firm's ex-head of equity Trevor Hill and his deputy Alexandre Avakiants, as well as three Japanese former executives. Prosecutors had sought multiyear prison terms for their alleged roles in trying to support stock prices ahead of what are known as block trades. When the allegations surfaced in early 2022, they shone a spotlight on Japan's financial sector and led to regulatory penalties against the brokerage. The subsidiary of Sumitomo Mitsui Financial Group, Japan's second-largest banking group, posted losses and cut costs in the wake of the revelations as clients took their business elsewhere. The firm's top executives took pay reductions to shoulder responsibility. Former general manager Makoto Yamada was sentenced to three years' imprisonment, suspended for five years, the court ruled on Tuesday. Hill and ex-deputy president Toshihiro Sato received two and a half years, suspended for five years. Another former general manager, Shinichiro Okazaki, and Avakiants got shorter suspended sentences. The case underscores the legal risks for foreign professionals working in Japan. The country's justice system has faced criticism for its conviction rate of more than 99%, suggesting to organizations including Human Rights Watch that trials are practically foregone conclusions. Still, criminal proceedings against foreign business executives are relatively rare in Japan. The most high-profile case in recent years was against Carlos Ghosn, the former Nissan Motor chairman, who was accused of financial misconduct and fled the country before he was tried. It has been more than two and a half years since prosecutors brought charges against the former SMBC Nikko managers and the firm. Ex-manager Teruya Sugino received a suspended prison sentence in 2023 after admitting to the accusations. SMBC Nikko itself pleaded guilty. SMBC Nikko resumed block offers in April after renaming them retail offers and introducing a tighter internal monitoring of the transactions.
