ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print
Opinion

SMBC Nikko case shows that Japanese rules are not made to be broken

Local prosecutors have a tin ear for nuance and context

| Japan
The sign of SMBC Nikko Securities outside its head office in Tokyo on March 24: The prohibition against market manipulation is not a one-size-fits-all rule. (Photo by Suzu Takahashi)

Stephen Givens is a corporate lawyer based in Tokyo.

In the U.S., the securities transactions at SMBC Nikko Securities that led to criminal indictments of five employees for "market manipulation" would at most deserve modest administrative sanctions.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more