Bloomberg News reports that BNP Paribas Securities (Asia) Ltd. failed to report 4,443 pairs of cross trades to the Hong Kong stock exchange from December 2002 to January 2013, the Securities and Futures Commission said in a statement on Monday.
In a cross trade, buy and sell orders for the same stock are offset without recording the trade on the exchange.
The firm failed to provide the dealers responsible for the reporting with sufficient resources to discharge their duties, the regulator said. The failures were 'particularly serious' as they lasted for an extended period of time and involved a large number of trades, it said.
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