Credit Suisse AG
Credit Suisse fined HK$2.1m for software cock-up causing 8,042 bad option trades
| Statement of Disciplinary Action
SFC, 9-Nov-2020
The SDA reveals that a latent bug was introduced into Mercury Direct, the firm's market-making software, in 2013, causing it on 28-Feb-2019 to send options quotes priced for March 2019 but tagged as March 2020. Given the time value of options, these were underpriced and were quickly snapped up by the market, until 7,837 of them were cancelled. The 205 honoured trades caused the firm a loss of US$307k.
SFC, 9-Nov-2020
The SDA reveals that a latent bug was introduced into Mercury Direct, the firm's market-making software, in 2013, causing it on 28-Feb-2019 to send options quotes priced for March 2019 but tagged as March 2020. Given the time value of options, these were underpriced and were quickly snapped up by the market, until 7,837 of them were cancelled. The 205 honoured trades caused the firm a loss of US$307k.
SFC fines Credit Suisse HK$2.8m for disclosure omissions in research reports
SFC, 19-Jun-2019
That's the multi-page blurb on conflicts at the back of each report that nobody reads anyway - it took them 10 years to notice the omissions.
SFC, 19-Jun-2019
That's the multi-page blurb on conflicts at the back of each report that nobody reads anyway - it took them 10 years to notice the omissions.
SFC fines Credit Suisse HK$39.3m for years of regulatory breaches
SFC, 8-Feb-2018
Among other things, the firm settled its own sales using clients' securities on 843 occasions from 2010-2016, made 94 naked short sales, and failed to report over 1200 (weekly) short positions between Jun-2012 and Oct-2014.
SFC, 8-Feb-2018
Among other things, the firm settled its own sales using clients' securities on 843 occasions from 2010-2016, made 94 naked short sales, and failed to report over 1200 (weekly) short positions between Jun-2012 and Oct-2014.
Financial Penalties Imposed on Credit Suisse and UOB for 1MDB-Related Transactions
Monetary Authority of Singapore, 30-May-2017
Monetary Authority of Singapore, 30-May-2017
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