中國證監會處罰三家國內券商

China’s securities regulator has fined three of the country’s largest investment banks for facilitating bearish bets on the stock market by a unit of US-based Citadel Securities during the Chinese market rout of late 2015.

中國證券監管機構對國內三大投資銀行進行了處罰，原因是它們在2015年下半年中國股市暴跌期間，爲總部位於美國的Citadel Securities進行看跌押注提供方便。

Citic Securities, China’s largest brokerage by revenue, was fined Rmb308m ($45m) and required to forfeit an additional Rmb62m in profits earned from securities lending and margin financing for a Shanghai account operated by Citadel Securities, a market-making arm separate from the fund founded by Ken Griffin , according to an exchange filing. Two executives were also fined.

證券交易所備案文件顯示，按營收衡量的中國最大券商中信證券(Citic Securities)被罰款3.08億元人民幣（合4500萬美元），還被沒收6200萬元人民幣利潤，這些利潤來自向Citadel Securities在上海操盤的一個賬戶提供融資融券。Citadel Securities是一家做市分支，與肯?格里芬(Ken Griffin)創立的那支基金是分開的。兩名高管也被處罰。

In summer 2015, as China’s stock market was falling sharply after a strong run the previous year, regulators targeted “malicious short sellers” whose trading practices they believed crossed the line into market manipulation.

2015年夏天，隨着中國股市在此前一年強勁上漲後大幅下滑，監管機構把矛頭指向“惡意賣空”者，他們認爲這些人的交易行爲逾越了紅線，構成市場操縱。

A particular focus of the crackdown was high-frequency traders, who the regulator claimed were responsible for amplifying market swings. In July, the regulator shut down 24 automated trading accounts, including one operated by Citadel Securities in Shanghai. Citadel Securities is separate from Mr Griffin’s main hedge fund unit, called simply Citadel. Both are considered pioneers in algorithmic trading.

高頻交易商是那場打擊的一個特別重點，監管者聲稱，這些市場參與者要對放大市場波動負責。該年7月，監管機構關閉了24個自動交易賬戶，其中包括由Citadel Securities在上海操盤的一個賬戶。Citadel Securities與格里芬旗下主要的對衝基金單元（稱爲Citadel）是相互獨立的，但兩者都被視爲算法交易的先驅。

The China Securities Regulatory Commission said it was concerned about a practice known as “spoofing”, in which an investor submits a buy or sell order but withdraws it before a trade is completed. The technique can be used to create the false impression an asset is trading at a particular price. The regulator has not accused Citadel Securities of wrongdoing. The company said at the time it followed all local laws and regulations and did not engage in spoofing.

中國證券監督管理委員會(CSRC)表示，它擔心一種被稱爲“幌騙”(spoofing)的手法，即某個投資者在提交買單或賣單後，在交易執行之前快速將其撤回。這種手法可被用於創建某項資產以特定價格交易的虛假印象。監管機構並未指控Citadel Securities有不法行爲。該公司當時曾表示，它遵循了當地所有法律法規，沒有從事幌騙。

For Citic, which is controlled by Citic Group — China’s largest state-owned financial and industrial conglomerate — the fines add to the fallout from the 2015 market rout. In late 2015, at least 11 of the brokerage’s senior executives and board members were arrested for insider trading and leaking insider information, including its president Cheng Boming.

對於由中國最大的國有金融和工業綜合企業中信集團(Citic Group)控股的中信證券，此次處罰加大了2015年股市暴跌的衝擊波。2015年末，這家券商的至少11名高管和董事會成員人因內幕交易和泄露內幕消息被捕，包括其總經理程博明。

At least four later admitted to insider trading, according to the official Xinhua news agency. Citic Securities’ chairman Wang Dongming was forced to resign after failing to prevent employees’ alleged wrongdoing, according to people familiar with the situation.

據官方的新華社報道，至少有4人後來承認內幕交易。知情人士稱，中信證券董事長王東明因未能阻止僱員犯下據稱的不當行爲而被迫卸任。

Guosen Securities, the country’s eighth-largest brokerage, and its futures unit were fined Rmb105m. Haitong Securities was punished for making a false disclosure when it opened a margin trading account for Citadel Securities. The disclosure allowed Haitong to lend cash and securities to Citadel even though the six-month requirement had not been met.

中國第八大券商國信證券(Guosen Securities)及其期貨分支被罰款1.05億元人民幣。海通證券(Haitong Securities)因爲在爲Citadel Securities開立一個保證金交易賬戶時作出虛假披露而受到處罰。涉案披露讓海通得以向Citadel Securities貸出現金和證券，即便六個月的要求尚未達到。