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Japan's FSA fines Morgan Stanley MUFG Securities ¥219.9M

Japan's Financial Services Agency ordered Morgan Stanley MUFG Securities Co. Ltd. to pay a ¥219.9 million fine for manipulation of Seibu Holdings Inc.'s share prices.

The decision was in line with a recommendation made by the Securities and Exchange Surveillance Commission on Dec. 6.

The FSA said Dec. 16 that a trader at the brokerage placed large buy orders without the intention to execute the sales in order to raise the share price. Morgan Stanley MUFG Securities bought 416,500 shares while placing orders for 9,258,000 shares on its account. The move misled others into thinking that the sales and purchases of the shares were thriving.

Morgan Stanley MUFG Securities is a joint venture between Morgan Stanley and Mitsubishi UFJ Financial Group Inc.

As of Dec. 16, US$1 was equivalent to ¥118.32.