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Alternative Market Briefing

Japanese market regulator seeks record fine against Singapore hedge fund

Thursday, August 01, 2013

Komfie Manalo, Opalesque Asia:

Japan’s financial market watchdog, the Securities and Exchange Surveillance Commission (SESC), on July 31 recommended a fine be given to Juggernaut Capital Management Pte. Ltd. for market manipulation of the shares of RISE.

Juggernaut, a Singapore-based hedge fund firm, is accused of raising the share price of RISE from around 8.33 on March 21, 2012 to around 15.08 on April 25, 2012, for 26 days, in order to increase the selling of the share from other market participants.

According to the SESC release, the hedge fund "raised the market price of the share by placing massive purchase orders at prices equal to or below the best bid and by placing orders by a minimum order unit at a price higher than the current market price, and placed massive market-on-close orders at the closing sessions to participate in creating the closing prices, and, thus, in total, on the account of the Feeder Fund, it purchased 13,492,000 shares and sold 10,188,400 shares while they placed purchase orders of 246,134,300 shares in RISE." Juggernaut made illegal profits of nearly Yen200 million ($2.04m) from the trade after it sold the stocks immediately..

The SESC is asking the Financial Instruments and Exchange Act to approve a penalty of Yen431.18 million ($4.4m).

According to the ......................

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