SFC fines Instinet Pacific Ltd HK$8m for failure to report cross trades to the Stock Exchange
SFC
SFC, 08-Sep-2025
Involving 8,817 cross-trades worth HK$25.9bn. The misconduct occurred from 2012-2018. We don't know when it was discovered or why it took up to 7 years to resolve the SFC's concerns.
Orgs
Nomura subsidiary Instinet Pacific Ltd is fined HK$17.3m for algo and ALP failures
SFC, 13-Apr-2018
In one case, flawed software and a fat-finger 10x pricing error caused the algorithm to keep out-bidding itself by 20 ticks, affecting the pre-market price. In another case, the software allowed a human trader to override the safety limit 3 times, which "completely defeated its purpose" and caused a 31% price increase in 36 seconds. In the final case, the safety limit didn't function because the software did not allow for the absence of an opening price, knocking a price down by 14%. Lucky buyers!
Orgs
SFC fines Instinet Pacific Ltd HK$50k for breaches of client identity rule and an undertaking to the SFC