The financial regulators of Hong Kong has fined the BNP Paribas SA’s unit HK$15 million for breaking up of the rules that were set for the dark pools to be operated in Hong Kong. The fine amount was estimated to be $1.9 million. BNP internal exchange is French Bank. The Securities and Futures Commission on Monday told that the BNP internal exchange have failed to give priorities for the prices that were supposed to be prioritized as mentioned by the BNP Paribas to its clients through the materials provided to them. The brokerage has treated all the orders with the equal priorities between November 2009 to April 2011 and it has suspended its operations.
Mark steward commented on the move of SFC
Mark steward, who is the executive director of SFC enforcement, told that any company or individual who were trying to enter into the dark waters must know what it is first and should know to swim in it. He has also mentioned that the operators who were taking part in the dark pool must have a clear rules and the set of procedures to be followed for operating the dark pools. BNP has actually didn’t resume from the trading activities in the dark pool even after getting out of it before seven months. The SFC was notified about the suspension of BNP by January 2013 only. The bank also failed to get the consent of the client in order to execute the orders in dark pools.
The SFC has found it really difficult to access the data about the trading activities been involved by the BNP Paribas, this is because the BNP Paribas has kept very less records for all their trading activities in the market and nothing much was available than the information that the company has violated the rules of dark pools. Christine Chan, a spokesperson at the bank told that the BNP Paribas has given complete cooperation to the SFC investigation. The bank also told that the SFC can hire any independent individual from outside so as to keep a watch on what the company does in the dark pool.
Hong Kong gets new regime from December 1st for dark pools
The Hong Kong has announced that they will be coming up with the new set of rules and regulations for the dark pools to operate in the Hong Kong market. the new set of rules were expected to be into practice from this December 1st and thus the works are in progress to make it more successful than the previous set of rules that has ended up in mal practices in the market venue. The officials told that they have made strict rules for those whose are involving in misconduct with the market. For them, heavy penalties were designed and thus the investors and brokerages are expected to follow the rules in a strict manner. The marketers are now getting themselves familiarized with the rules, said an experienced marketer.
Mark steward commented on the move of SFC
Mark steward, who is the executive director of SFC enforcement, told that any company or individual who were trying to enter into the dark waters must know what it is first and should know to swim in it. He has also mentioned that the operators who were taking part in the dark pool must have a clear rules and the set of procedures to be followed for operating the dark pools. BNP has actually didn’t resume from the trading activities in the dark pool even after getting out of it before seven months. The SFC was notified about the suspension of BNP by January 2013 only. The bank also failed to get the consent of the client in order to execute the orders in dark pools.
The SFC has found it really difficult to access the data about the trading activities been involved by the BNP Paribas, this is because the BNP Paribas has kept very less records for all their trading activities in the market and nothing much was available than the information that the company has violated the rules of dark pools. Christine Chan, a spokesperson at the bank told that the BNP Paribas has given complete cooperation to the SFC investigation. The bank also told that the SFC can hire any independent individual from outside so as to keep a watch on what the company does in the dark pool.
Hong Kong gets new regime from December 1st for dark pools
The Hong Kong has announced that they will be coming up with the new set of rules and regulations for the dark pools to operate in the Hong Kong market. the new set of rules were expected to be into practice from this December 1st and thus the works are in progress to make it more successful than the previous set of rules that has ended up in mal practices in the market venue. The officials told that they have made strict rules for those whose are involving in misconduct with the market. For them, heavy penalties were designed and thus the investors and brokerages are expected to follow the rules in a strict manner. The marketers are now getting themselves familiarized with the rules, said an experienced marketer.