SFC fines Citi over dark pool lapse after CCBI slap

The watchdog fined Citi the day after reprimanding the investment banking arm of CCB as increases scrutiny of financial intermediaries and pushes to clear its backlog of case files.

Hong Kong's Securities and Futures Commission flexed its muscles for a second time this week on Tuesday as it fined Citigroup HK$4 million $500,000 over regulatory breaches in the management of its alternative liquidity pool.

Having also reprimanded the investment banking arm of China Construction Bank on Monday for its shoddy due diligence on the initial public offering of Fujian Dongya Aquatic Products in 2014, the watchdog is ramping up its surveillance of financial intermediaries and pushing hard to clear its backlog of case files, say market sources contacted by FinanceAsia

The SFC said that due to an incorrect system...

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