The Japan Securities Dealers Association fined Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. ¥20 million and ordered the company to improve operation surveillance following a spoofing incident in 2017.

The securities company was earlier found to have conducted a form of market manipulation known as spoofing when a dealer placed large buy orders for 10-year Japanese government bond futures in August 2017, with no intention of executing them.

Mitsubishi UFJ Morgan Stanley Securities was fined ¥218.4 million by Japan's Financial Services Agency and placed under disciplinary action by the Osaka and Tokyo stock exchanges for the incident.

Mitsubishi UFJ Financial Group Inc. said Oct. 17 that it accepts the penalty and apologized for the incident. It said it will fully comply with the order.

As of Oct. 17, US$1 was equivalent to ¥112.13.