Japanese regulator orders ¥21.76 million fine for Nomura Securities; government bond futures market manipulation suspected

Japan’s financial regulator on Wednesday recommended a ¥21.76 million fine against Nomura Securities Co. for allegedly manipulating the government bond futures market.

The Securities and Exchange Surveillance Commission made the recommendation to the Financial Services Agency after it suspected the nation’s largest securities firm had violated the Financial Instruments and Exchange Law.

According to the commission, a manager in the Global Markets division, which trades with the company’s funds, was suspected of fraudulently causing price movements in 2021 to make a profit. He placed large orders for long-term government bond futures with no intention of buying or selling, and then cancelled them.