In Wild Village (NMR.US) is suspected of manipulating the government bond futures market and faces fines in the tens of millions of yen.

According to reports, the Japanese financial regulatory agency plans to propose fines against Nomura Holdings, Inc. Sponsored ADR (NMR.US) for allegedly manipulating the government bond futures market. Sources say that a manager in the company's global markets division is suspected of manipulating government bond futures prices using fraudulent means around 2021. It is reported that the trader is suspected of profiting by placing large orders without intention to buy or sell, and then canceling the orders. Reports indicate that the Securities and Exchange Surveillance Commission (SESC) is expected to propose fines of tens of millions of yen against the company as early as Tuesday afternoon. SESC declined to comment before a briefing held at 4 p.m. in Tokyo. A Nomura spokesperson did not immediately comment. Following the report, Japan's largest securities firm, Nomura Securities, saw its stock fall by 3.1% at one point, but narrowed to a 1.10% decrease at close. It is known that securities firms have been fined in the past for manipulating the Japanese government bond futures market. Citigroup (C.US) was fined 133 million yen (920,000 US dollars) in 2019 and was temporarily suspended from participating as a primary dealer in certain Japanese government bond auctions. A year earlier, a securities joint venture of Mitsubishi UFJ Financial (MUFG.US) and Morgan Stanley (MS.US) was fined 218 million yen and also suspended from trading. The joint venture was also disqualified from underwriting several corporate bond transactions.