TSE also requested Jyujiya Securities to submit a business improvement report regarding enforcement of its internal control system and clarification of locus of responsibility, measures to prevent the recurrence of the violation below, and security of strict compliance by the directors and staff.
From March to September 2003, a senior manager in the 2nd Dealing Team of Jyujiya Securities in the course of business made a series of trades in connection with numerous issues of TSE-listed stocks, with the intention of making the prices move advantageously to his own positions. He additionally placed buy orders at the best or lower prices after raising prices by placing market orders and limit orders higher than the most recent price at the time.
The above act is acknowledged to fall under an 'act of making a series of transactions for the sale or purchase of a security to create an artificial market without any reflection of the actual state of the market' provided for in Item 3, Article 4 of the Ordinance of Cabinet Office Concerning Regulation, etc. of Conducts of Securities Company based upon Item 9, Paragraph 1 of Article 42 under the Securities and Exchange Law.
