Japan's securities regulator said on Friday it was seeking a fine against a Singapore-based trader for suspected market manipulation in Japanese government bond (JGB) futures.
The Securities and Exchange Surveillance Commission (SESC) said it recommended a 330,000 yen ($3,133) fine against the unidentified trader. It would be the first fine against an investor for manipulation in JGB futures.
The SESC said it suspected the trader of using a technique called layering, in which an investor displays orders, which are later withdrawn, to deceive the market into sensing a move in the market and thus creating an opportunity to profit.
