Tuesday, 29 May 2012

#JAPANESE ENDEMIC #JPMORGAN GLOBAL #OTB


Exclusive: Japan insider probe snares JP Morgan

(Reuters) - Japan's widening probe of insider trading reached JP Morgan Chase & Co (JPM.N) on Tuesday as the embattled U.S. bank was identified as the source of leaked confidential information regarding a planned share offering by Nippon Sheet Glass Co Ltd (5202.T) in 2010.

Three people with knowledge of the probe said officials had determined that a JP Morgan salesman had been the source of the leak about the offering to a Tokyo-based fund, Asuka Asset Management.

The development marks the first time a foreign bank has been caught up in an investigation by Japanese officials that has put the spotlight on what insiders and regulators say had become a near-endemic practice in the Tokyo market.

There is no indication JP Morgan will face any penalty in Japan. Insider trading fines, even when imposed by Japanese regulators, tend to be token.

Source:

http://www.reuters.com/article/2012/05/29/us-japan-insidertrade-idUSBRE84S0TB20120529





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