The Securities and Futures Commission or SFC in Hong Kong has fined Citigroup Global Markets Asia Limited HK$348.25 million for allowing various trading desks under its Cash Equities business to disseminate mislabelled Indications of Interest and make misrepresentations to institutional clients when executing facilitation trades from 2008 to 2018.
The SFC believes CGMAL's misconduct were attributable to the failures by certain former members of its senior management to discharge their supervisory duties. The SFC will commence disciplinary proceedings against these individuals in due course.
"The prevalence of the misconduct for a prolonged period reflects a failure on the part of CGMAL's senior management to properly discharge their management and supervisory responsibilities," said Thomas Atkinson, SFC's Executive Director of Enforcement.
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Business News
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.