A former trader for Credit Suisse was banned from Hong Kong’s financial industry for life after he made fictitious trades and covered up losses in 2012.
Bloomberg News reports that Jagjit Singh Dhillon, who traded equity derivatives, hid losses and his true exposure to risk in trading books, booked fake trades and entered incorrect market data, the city’s Securities and Futures Commission said on its website Monday.
The trader’s actions led to overstated profits and understated risk exposure, resulting in Credit Suisse having to make $5.4m of adjustments to the cumulative monthly profit and loss figure for its trading book on May 18, 2012, the regulator said. Dhillon made no personal gain from his conduct, it said.
The bank’s Sigma X dark venue and Euronext’s Smartpool failed to open for at least the first 75 minutes of European trading. Sigma X, which is a multilateral facility, opened at 9:15 a.m. London time, while Smartpool resumed trading at 9:45 a.m., according to statements on the companies’ websites. Euronext said the connection between traders and the platform had failed.