德國(guó)調(diào)查花旗債券交易
Citigroup’s bond trades probed
知情人士昨天表示，德國(guó)監(jiān)管機(jī)構(gòu)正對(duì)花旗集團(tuán)(Citigroup)涉嫌操縱歐元區(qū)國(guó)債期貨市場(chǎng)的行為展開(kāi)調(diào)查。
German regulators are investigating Citigroup for possible market manipulation in the eurozone government bond futures market, people familiar with the probe said yesterday.
據(jù)信，有關(guān)花旗集團(tuán)債券交易員去年夏季是否在歐洲期貨期權(quán)交易所(Eurex)操縱了德國(guó)國(guó)債期貨市場(chǎng)，德國(guó)金融市場(chǎng)監(jiān)管機(jī)構(gòu)Bafin即將得出調(diào)查結(jié)論。英國(guó)金融服務(wù)管理局(FSA)也針對(duì)花旗集團(tuán)在現(xiàn)貨市場(chǎng)的債券交易進(jìn)行了調(diào)查，Bafin在調(diào)查過(guò)程中與之進(jìn)行了協(xié)調(diào)。
Bafin, the German financial market regulator, is thought to be nearing the conclusion of an inquiry into whether Citigroup’s bond traders manipulated the Bund futures market on the Eurex exchange last summer. Its investigation has been co-ordinated with a separate inquiry by the Financial Services Authority of the UK into Citigroup’s bond trades in the cash market.
如果德國(guó)監(jiān)管*發(fā)現(xiàn)了市場(chǎng)操縱的證據(jù)，花旗集團(tuán)可能會(huì)面臨訴訟，并引發(fā)歐洲各國(guó)政府的震怒。歐洲各國(guó)政府為該銀行聯(lián)合包銷其國(guó)債支付了大筆費(fèi)用。
If the German regulator finds evidence of market manipulation, Citigroup could face a lawsuit and the ire of European governments, which pay large fees to the bank for underwriting their syndicated debt issues.
這家美國(guó)投資銀行在現(xiàn)貨市場(chǎng)有爭(zhēng)議的債券交易，自8月份以來(lái)已受到數(shù)家歐洲市場(chǎng)監(jiān)管機(jī)構(gòu)的調(diào)查。當(dāng)時(shí)花旗集團(tuán)在泛歐交易平臺(tái)上，幾乎在同一時(shí)間內(nèi)按對(duì)手做市商的買入報(bào)價(jià)拋售110億歐元債券，導(dǎo)致這些競(jìng)爭(zhēng)對(duì)手蒙受估計(jì)達(dá)1700萬(wàn)歐元(合2200萬(wàn)美元)的損失。
Controversial bond trades by the US investment bank in the cash market have been under investigation by several European market watchdogs since August, when it caused an estimated €17m ($22m) of losses to rival market-makers by hitting €11bn of their bids almost simultaneously on a pan-European trading platform,.
花旗集團(tuán)今年一直受到本土市場(chǎng)以外丑聞的困擾。9月份，日本金融監(jiān)管*勒令花旗集團(tuán)關(guān)閉在日本的私人銀行業(yè)務(wù)，稱其違反了銀行法律。隨后花旗在它的管理人員中驅(qū)逐了三人，這些人被認(rèn)為要對(duì)上述問(wèn)題承擔(dān)責(zé)任，其中包括花期集團(tuán)國(guó)際(Citigroup International)的董事長(zhǎng)德里克•莫恩爵士(Sir Deryck Maughan)。
Citigroup has this year been beset by scandals outside its home market. In September, the Japanese financial regulator ordered the closure of Citigroup’s private bank in Japan for violations of banking laws. Citigroup subsequently ousted three of its most senior executives, who were deemed to share some responsibility for the problems, including Sir Deryck Maughan, chairman of Citigroup International.
花旗集團(tuán)8月份的債券交易震驚了市場(chǎng)，因?yàn)樵撱y行首次利用EuroMTS國(guó)債現(xiàn)貨交易平臺(tái)的一項(xiàng)特殊規(guī)定。此項(xiàng)規(guī)定要求所有做市商在系統(tǒng)上提供連續(xù)報(bào)價(jià)。
Citigroup’s bond trades in August shocked the market as they, for the first time, took advantage of a quirk of the EuroMTS platform for trading cash government bonds, which requires all market-makers to provide continuous price quotes on the system.
花旗集團(tuán)首先向現(xiàn)貨市場(chǎng)大量拋出110億美元賣單，引發(fā)對(duì)手銀行賣出期貨，以對(duì)沖它們?cè)贓urex市場(chǎng)持有的德國(guó)國(guó)債的風(fēng)險(xiǎn)。大約半小時(shí)后，花旗集團(tuán)買回了70億歐元的債券，因而讓人懷疑花旗在操縱市場(chǎng)。
Citigroup first flooded the cash market with €11bn sell orders, causing rival banks to hedge their exposure in the Eurex market for German government bonds by selling the futures. About a half-an-hour later, Citigroup bought back €7bn of the bonds, raising suspicions of market manipulation.
針對(duì)花旗涉嫌在法蘭克福Eurex交易所操縱市場(chǎng)的調(diào)查，很可能集中在花旗席卷EuroMTS市場(chǎng)之前的交易。德國(guó)和英國(guó)金融監(jiān)管*的調(diào)查結(jié)果預(yù)計(jì)在未來(lái)幾周內(nèi)公布。英國(guó)監(jiān)管機(jī)構(gòu)已表示，如果發(fā)現(xiàn)花旗集團(tuán)違反市場(chǎng)規(guī)則的證據(jù)，將對(duì)它處以罰款?；ㄆ旒瘓F(tuán)拒絕發(fā)表評(píng)論。
An inquiry into possible manipulation on the Frankfurt-based Eurex exchange would be likely to centre on trades preceding the EuroMTS sweep. The results of the German and FSA investigations are expected to be announced within the next few weeks. The UK regulator has said Citigroup could be fined if evidence of market abuse is found. Citigroup declined to comment.
Citigroup’s bond trades probed
知情人士昨天表示，德國(guó)監(jiān)管機(jī)構(gòu)正對(duì)花旗集團(tuán)(Citigroup)涉嫌操縱歐元區(qū)國(guó)債期貨市場(chǎng)的行為展開(kāi)調(diào)查。
German regulators are investigating Citigroup for possible market manipulation in the eurozone government bond futures market, people familiar with the probe said yesterday.
據(jù)信，有關(guān)花旗集團(tuán)債券交易員去年夏季是否在歐洲期貨期權(quán)交易所(Eurex)操縱了德國(guó)國(guó)債期貨市場(chǎng)，德國(guó)金融市場(chǎng)監(jiān)管機(jī)構(gòu)Bafin即將得出調(diào)查結(jié)論。英國(guó)金融服務(wù)管理局(FSA)也針對(duì)花旗集團(tuán)在現(xiàn)貨市場(chǎng)的債券交易進(jìn)行了調(diào)查，Bafin在調(diào)查過(guò)程中與之進(jìn)行了協(xié)調(diào)。
Bafin, the German financial market regulator, is thought to be nearing the conclusion of an inquiry into whether Citigroup’s bond traders manipulated the Bund futures market on the Eurex exchange last summer. Its investigation has been co-ordinated with a separate inquiry by the Financial Services Authority of the UK into Citigroup’s bond trades in the cash market.
如果德國(guó)監(jiān)管*發(fā)現(xiàn)了市場(chǎng)操縱的證據(jù)，花旗集團(tuán)可能會(huì)面臨訴訟，并引發(fā)歐洲各國(guó)政府的震怒。歐洲各國(guó)政府為該銀行聯(lián)合包銷其國(guó)債支付了大筆費(fèi)用。
If the German regulator finds evidence of market manipulation, Citigroup could face a lawsuit and the ire of European governments, which pay large fees to the bank for underwriting their syndicated debt issues.
這家美國(guó)投資銀行在現(xiàn)貨市場(chǎng)有爭(zhēng)議的債券交易，自8月份以來(lái)已受到數(shù)家歐洲市場(chǎng)監(jiān)管機(jī)構(gòu)的調(diào)查。當(dāng)時(shí)花旗集團(tuán)在泛歐交易平臺(tái)上，幾乎在同一時(shí)間內(nèi)按對(duì)手做市商的買入報(bào)價(jià)拋售110億歐元債券，導(dǎo)致這些競(jìng)爭(zhēng)對(duì)手蒙受估計(jì)達(dá)1700萬(wàn)歐元(合2200萬(wàn)美元)的損失。
Controversial bond trades by the US investment bank in the cash market have been under investigation by several European market watchdogs since August, when it caused an estimated €17m ($22m) of losses to rival market-makers by hitting €11bn of their bids almost simultaneously on a pan-European trading platform,.
花旗集團(tuán)今年一直受到本土市場(chǎng)以外丑聞的困擾。9月份，日本金融監(jiān)管*勒令花旗集團(tuán)關(guān)閉在日本的私人銀行業(yè)務(wù)，稱其違反了銀行法律。隨后花旗在它的管理人員中驅(qū)逐了三人，這些人被認(rèn)為要對(duì)上述問(wèn)題承擔(dān)責(zé)任，其中包括花期集團(tuán)國(guó)際(Citigroup International)的董事長(zhǎng)德里克•莫恩爵士(Sir Deryck Maughan)。
Citigroup has this year been beset by scandals outside its home market. In September, the Japanese financial regulator ordered the closure of Citigroup’s private bank in Japan for violations of banking laws. Citigroup subsequently ousted three of its most senior executives, who were deemed to share some responsibility for the problems, including Sir Deryck Maughan, chairman of Citigroup International.
花旗集團(tuán)8月份的債券交易震驚了市場(chǎng)，因?yàn)樵撱y行首次利用EuroMTS國(guó)債現(xiàn)貨交易平臺(tái)的一項(xiàng)特殊規(guī)定。此項(xiàng)規(guī)定要求所有做市商在系統(tǒng)上提供連續(xù)報(bào)價(jià)。
Citigroup’s bond trades in August shocked the market as they, for the first time, took advantage of a quirk of the EuroMTS platform for trading cash government bonds, which requires all market-makers to provide continuous price quotes on the system.
花旗集團(tuán)首先向現(xiàn)貨市場(chǎng)大量拋出110億美元賣單，引發(fā)對(duì)手銀行賣出期貨，以對(duì)沖它們?cè)贓urex市場(chǎng)持有的德國(guó)國(guó)債的風(fēng)險(xiǎn)。大約半小時(shí)后，花旗集團(tuán)買回了70億歐元的債券，因而讓人懷疑花旗在操縱市場(chǎng)。
Citigroup first flooded the cash market with €11bn sell orders, causing rival banks to hedge their exposure in the Eurex market for German government bonds by selling the futures. About a half-an-hour later, Citigroup bought back €7bn of the bonds, raising suspicions of market manipulation.
針對(duì)花旗涉嫌在法蘭克福Eurex交易所操縱市場(chǎng)的調(diào)查，很可能集中在花旗席卷EuroMTS市場(chǎng)之前的交易。德國(guó)和英國(guó)金融監(jiān)管*的調(diào)查結(jié)果預(yù)計(jì)在未來(lái)幾周內(nèi)公布。英國(guó)監(jiān)管機(jī)構(gòu)已表示，如果發(fā)現(xiàn)花旗集團(tuán)違反市場(chǎng)規(guī)則的證據(jù)，將對(duì)它處以罰款?；ㄆ旒瘓F(tuán)拒絕發(fā)表評(píng)論。
An inquiry into possible manipulation on the Frankfurt-based Eurex exchange would be likely to centre on trades preceding the EuroMTS sweep. The results of the German and FSA investigations are expected to be announced within the next few weeks. The UK regulator has said Citigroup could be fined if evidence of market abuse is found. Citigroup declined to comment.