High Speed Trading Firm Fined $101 Million in China
China has fined a high speed trading firm $101 million and given two suspended prison sentences in its first criminal case against a high speed trading firm. Yishidun International Trading was fined 300 million yuan ($44 million) for manipulating China’s futures markets and ordered to pay out 389 million yuan in profits.
“Yishidun International Trading was fined 300 million yuan ($44 million) for manipulating China’s futures markets and ordered to pay out 389 million yuan in profits.”
The case has been closely watched by the trading community on the mainland, as it was going to show Chinese authorities’ stance on high-frequency trading. Yishidun, also known as Eastern Dragon, said that it was one of a number of foreign-owned firms that China probed after the $5 trillion market crash in 2015.
Related Reports: Bloomberg
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