The Tokyo Stock Exchange imposed a range of punitive measures Monday on the securities unit of BNP Paribas, a large French bank, for helping three of its Japanese corporate clients hide latent losses on derivatives products it sold them, the TSE said.
BNP Paribas (Japan) Ltd. was given a one-week ban on dealing in securities relating to the equities derivatives transactions at the center of the loss-concealment moves, and a three-day ban on accepting buy and sell orders for shares on behalf of customers, the exchange said.
The TSE acted following the uncovering of the illicit trades by the Financial Supervisory Agency and the Securities and Exchange Surveillance Commission.
The FSA last Friday ordered the exchange to discipline the French brokerage with the transaction bans.