Less than 24 hours after four SMBC Nikko Securities Inc. employees were arrested on allegations of market manipulation, the Japanese brokerage’s chief executive officer took to the stage.
In a hastily convened news conference in central Tokyo earlier this month, Yuichiro Kondo expressed remorse about the matter, bowing deeply and apologizing more than a dozen times.
"I am taking very seriously and reflecting on the fact that multiple employees, including executives, from multiple departments have been arrested,” he said. "We have caused a situation that could undermine confidence in the fairness of the market. I am truly sorry.”