SMBC Nikko slapped with 300 million yen fine for market manipulation

The Japan Securities Dealers Association said Wednesday it has imposed a penalty of 300 million yen ($2.23 million) on SMBC Nikko Securities Inc. for market manipulation, matching the highest fine previously issued by the organization.

According to the JSDA, SMBC Nikko illegally propped up the prices of 10 individual stock issues to stabilize them last year in “block offering” transactions.

The fine imposed on the brokerage by the JSDA is equal to that issued to Nomura Securities Inc. in connection with an insider trading scandal in 2012.

Some former SMBC Nikko executives have been charged in ...