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.
中国证券监管机构对国内三大投资银行进行了处罚，原因是它们在2015年下半年中国股市暴跌期间，为总部位于美国的Citadel Securities进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.证券交易所备案文件显示，按营收衡量的中国最大券商中信证券(Citic Securities)被罚款3.08亿元人民币（合4500万美元），还被没收6200万元人民币利润，这些利润来自向Citadel Securities在上海操盘的一个账户提供融资融券。Citadel Securities是一家做市分支，与肯?格里芬(Ken Griffin)创立的那支基金是分开的。两名高管也被处罚。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，随着中国股市在此前一年强劲上涨后大幅下滑，监管机构把矛头指向“恶意卖空”者，他们认为这些人的交易行为逾越了红线，构成市场操纵。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.高频交易商是那场打击的一个特别重点，监管者声称，这些市场参与者要对放大市场波动负责。该年7月，监管机构关闭了24个自动交易账户，其中包括由Citadel Securities在上海操盘的一个账户。Citadel Securities与格里芬旗下主要的对冲基金单元（称为Citadel）是相互独立的，但两者都被视为算法交易的先驱。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.中国证券监督管理委员会(CSRC)表示，它担心一种被称为“幌骗”(spoofing)的手法，即某个投资者在提交买单或卖单后，在交易执行之前快速将其撤回。这种手法可被用于创建某项资产以特定价格交易的虚假印象。监管机构并未指控Citadel Securities有不法行为。该公司当时曾表示，它遵循了当地所有法律法规，没有从事幌骗。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.
对于由中国最大的国有金融和工业综合企业中信集团(Citic Group)控股的中信证券，此次处罚加大了2015年股市暴跌的冲击波。2015年末，这家券商的至少11名高管和董事会成员人因内幕交易和泄露内幕消息被捕，包括其总经理程博明。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.据官方的新华社报道，至少有4人后来承认内幕交易。知情人士称，中信证券董事长王东明因未能阻止雇员犯下据称的不当行为而被迫卸任。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.中国第八大券商国信证券(Guosen Securities)及其期货分支被罚款1.05亿元人民币。海通证券(Haitong Securities)因为在为Citadel Securities开立一个保证金交易账户时作出虚假披露而受到处罚。涉案披露让海通得以向Citadel Securities贷出现金和证券，即便六个月的要求尚未达到。