Disciplinary Actions

TSE requires trading participants to comply with laws and regulations, and imposes penalties such as fines on trading participants that violate the laws and regulations.

DateTrading ParticipantViolation Disciplinary Action (reference) Regulatory ActionDetails
Sep. 25, 2017 YAMAGEN Securities Co.,Ltd. Accepting orders for securities trading while knowing that such orders would lead to artificial price formation out of line with actual market conditions, and Situation in which the Company's trading management is deemed to not have adequately supervised trading to prevent securities order acceptance that can lead to artificial price formation Fine of JPY 50 millionSuspension of stock trading operations concerning acceptance of entrustments of purchases and sales of securities on head office department (for 3 days) icon-pdf
Jul. 19, 2017 Morgan Stanley MUFG Securities Co.,Ltd. Act of conducting a series of Sales and Purchase therefor that would cause fluctuations in prices of Listed Financial Instruments, etc. in a Financial Instruments Exchange Market for the purpose of inducing sales and purchase of Market Transactions Refer to Attachment(PDF)- icon-pdf
Jan. 25, 2017 Interactive Brokers Securities Japan,Inc. Insufficient trading management to prevent acceptance of orders, etc., which could potentially result in the creation of manipulative quotations Fine of JPY 20 million- icon-pdf
Jan. 25, 2017 kabu.com Securities Co.,Ltd. Insufficient trading management to prevent acceptance of orders, etc., which could potentially result in the creation of manipulative quotations Fine of JPY 10 million- icon-pdf
Jun. 16, 2016 Credit Suisse Securities (Japan) Limited Not having measures necessary and proper for preventing unfair trading related to management of corporate information, and soliciting customers with the provision of corporate information. Fine of JPY 60 million- icon-pdf
Feb. 16, 2016 Deutsche Securities Inc. Not having measures necessary and proper for preventing unfair trading related to management of corporate information, and soliciting customers with the provision of corporate information. Fine of JPY 60 million- icon-pdf
Sep. 25, 2015 Kabu.com Securities Co.,Ltd. The administration of the electronic data processing system pertaining to financial instruments business, etc. was deemed to be inadequate. Censure- icon-pdf
Sep. 24, 2014 Bansei Securities Co.,Ltd. Violation of just and equitable principles of transactions Censure- icon-pdf
Sep. 24, 2014 Musashi Securities Co., Ltd. Act of conducting a series of Sales and Purchase therefor that would cause fluctuations in prices of Listed Financial Instruments, etc. in a Financial Instruments Exchange Market for the purpose of inducing sales and purchase of Market Transactions of Derivatives Censure- icon-pdf
Feb. 27, 2014 SMBC Nikko Securities Inc. A situation deemed to be lacking in necessary and appropriate measures for prevention of unfair trading in relation to corporate information Fine of JPY 10 million- icon-pdf
Feb. 21, 2013 SANKO SECURITIES Co.Ltd. Act of conducting purchases, etc. of listed securities with the aim of causing fluctuations in prices of such listed securities, Fine of JPY 12 millionSuspension of stock trading operations based on its own account on the TSE market (for 10 days) icon-pdf
Points Considered in Deciding Disciplinary Actions