Citigroup Japan

The Financial Services Agency imposed a fine of ¥130 million ($1.1 million) on Citigroup Global Markets Japan Inc for spoofing, for alleged manipulation of the futures market for Japanese government bonds.

The agency said Citigroup Global Markets Japan Inc. overlooked and executed fake trading orders, known as spoofing, for Japanese government bond futures on the Osaka exchange in late October 2018, placed by a trader at Citigroup Global Markets Ltd., the British securities subsidiary of Citigroup.
Spoofing is a practice in which traders attempt to manipulate the prices of publicly traded financial assets by placing large buy or sell orders with no intention of executing them. Critics have warned that high-speed trading could make it easier to engage in practices such as “layering” or “spoofing,” both of which involve placing fake orders to create the appearance of increased activity in a stock or other asset in order to move its price.