öλÔÓéÀֵǼÈë¿ÚÏÂÔØ

µÂ¹úµ÷²é»¨Æìծȯ½»Ò×
¡¡¡¡Citigroup¡¯s bond trades probed
¡¡¡¡
¡¡¡¡
¡¡¡¡ÖªÇéÈËÊ¿×òÌì±íʾ£¬µÂ¹ú¼à¹Ü»ú¹¹Õý¶Ô»¨Æ켯ÍÅ(Citigroup)ÉæÏÓ²Ù×ÝÅ·ÔªÇø¹úÕ®ÆÚ»õÊг¡µÄÐÐΪչ¿ªµ÷²é¡£
¡¡¡¡ German regulators are investigating Citigroup for possible market manipulation in the eurozone government bond futures market, people familiar with the probe said yesterday.
¡¡¡¡
¡¡¡¡¾ÝÐÅ£¬Óйػ¨Æ켯ÍÅծȯ½»Ò×ԱȥÄêÏļ¾ÊÇ·ñÔÚÅ·ÖÞÆÚ»õÆÚȨ½»Ò×Ëù(Eurex)²Ù×ÝÁ˵¹ú¹úÕ®ÆÚ»õÊг¡£¬µÂ¹ú½ðÈÚÊг¡¼à¹Ü»ú¹¹Bafin¼´½«µÃ³öµ÷²é½áÂÛ¡£Ó¢¹ú½ðÈÚ·þÎñ¹ÜÀí¾Ö(FSA)Ò²Õë¶Ô»¨Æ켯ÍÅÔÚÏÖ»õÊг¡µÄծȯ½»Ò×½øÐÐÁ˵÷²é£¬BafinÔÚµ÷²é¹ý³ÌÖÐÓëÖ®½øÐÐÁËЭµ÷¡£
¡¡¡¡ Bafin, the German financial market regulator, is thought to be nearing the conclusion of an inquiry into whether Citigroup¡¯s bond traders manipulated the Bund futures market on the Eurex exchange last summer. Its investigation has been co-ordinated with a separate inquiry by the Financial Services Authority of the UK into Citigroup¡¯s bond trades in the cash market.
¡¡¡¡
¡¡¡¡Èç¹ûµÂ¹ú¼à¹Üµ±¾Ö·¢ÏÖÁËÊг¡²Ù×ݵÄÖ¤¾Ý£¬»¨Æ켯ÍÅ¿ÉÄÜ»áÃæÁÙËßËÏ£¬²¢Òý·¢Å·ÖÞ¸÷¹úÕþ¸®µÄÕðÅ­¡£Å·ÖÞ¸÷¹úÕþ¸®Îª¸ÃÒøÐÐÁªºÏ°üÏúÆä¹úÕ®Ö§¸¶ÁË´ó±Ê·ÑÓá£
¡¡¡¡ If the German regulator finds evidence of market manipulation, Citigroup could face a lawsuit and the ire of European governments, which pay large fees to the bank for underwriting their syndicated debt issues.
¡¡¡¡
¡¡¡¡Õâ¼ÒÃÀ¹úͶ×ÊÒøÐÐÔÚÏÖ»õÊг¡ÓÐÕùÒéµÄծȯ½»Ò×£¬×Ô8Ô·ÝÒÔÀ´ÒÑÊܵ½Êý¼ÒÅ·ÖÞÊг¡¼à¹Ü»ú¹¹µÄµ÷²é¡£µ±Ê±»¨Æ켯ÍÅÔÚ·ºÅ·½»Ò×ƽ̨ÉÏ£¬¼¸ºõÔÚͬһʱ¼äÄÚ°´¶ÔÊÖ×öÊÐÉ̵ÄÂòÈ뱨¼ÛÅ×ÊÛ110ÒÚŷԪծȯ£¬µ¼ÖÂÕâЩ¾ºÕù¶ÔÊÖÃÉÊܹÀ¼Æ´ï1700ÍòÅ·Ôª(ºÏ2200ÍòÃÀÔª)µÄËðʧ¡£
¡¡¡¡ Controversial bond trades by the US investment bank in the cash market have been under investigation by several European market watchdogs since August, when it caused an estimated €17m ($22m) of losses to rival market-makers by hitting €11bn of their bids almost simultaneously on a pan-European trading platform,.
¡¡¡¡
¡¡¡¡»¨Æ켯ÍŽñÄêÒ»Ö±Êܵ½±¾ÍÁÊг¡ÒÔÍâ³óÎŵÄÀ§ÈÅ¡£9Ô·Ý£¬ÈÕ±¾½ðÈÚ¼à¹Üµ±¾ÖÀÕÁÆ켯ÍŹرÕÔÚÈÕ±¾µÄ˽ÈËÒøÐÐÒµÎñ£¬³ÆÆäÎ¥·´ÁËÒøÐз¨ÂÉ¡£Ëæºó»¨ÆìÔÚËüµÄ×î¸ß¹ÜÀíÈËÔ±ÖÐÇýÖðÁËÈýÈË£¬ÕâЩÈ˱»ÈÏΪҪ¶ÔÉÏÊöÎÊÌâ³Ðµ£ÔðÈΣ¬ÆäÖаüÀ¨»¨ÆÚ¼¯ÍŹú¼Ê(Citigroup International)µÄ¶­Ê³¤µÂÀï¿Ë•Äª¶÷¾ôÊ¿(Sir Deryck Maughan)¡£
¡¡¡¡ Citigroup has this year been beset by scandals outside its home market. In September, the Japanese financial regulator ordered the closure of Citigroup¡¯s private bank in Japan for violations of banking laws. Citigroup subsequently ousted three of its most senior executives, who were deemed to share some responsibility for the problems, including Sir Deryck Maughan, chairman of Citigroup International.
¡¡¡¡
¡¡¡¡»¨Æ켯ÍÅ8Ô·ݵÄծȯ½»Ò×Õð¾ªÁËÊг¡£¬ÒòΪ¸ÃÒøÐÐÊ×´ÎÀûÓÃEuroMTS¹úÕ®ÏÖ»õ½»Ò×ƽ̨µÄÒ»ÏîÌØÊâ¹æ¶¨¡£´ËÏî¹æ¶¨ÒªÇóËùÓÐ×öÊÐÉÌÔÚϵͳÉÏÌṩÁ¬Ðø±¨¼Û¡£
¡¡¡¡ Citigroup¡¯s bond trades in August shocked the market as they, for the first time, took advantage of a quirk of the EuroMTS platform for trading cash government bonds, which requires all market-makers to provide continuous price quotes on the system.
¡¡¡¡
¡¡¡¡»¨Æ켯ÍÅÊ×ÏÈÏòÏÖ»õÊг¡´óÁ¿Å׳ö110ÒÚÃÀÔªÂôµ¥£¬Òý·¢¶ÔÊÖÒøÐÐÂô³öÆÚ»õ£¬ÒÔ¶Ô³åËüÃÇÔÚEurexÊг¡³ÖÓеĵ¹ú¹úÕ®µÄ·çÏÕ¡£´óÔ¼°ëСʱºó£¬»¨Æ켯ÍÅÂò»ØÁË70ÒÚÅ·ÔªµÄծȯ£¬Òò¶øÈÃÈË»³ÒÉ»¨ÆìÔÚ²Ù×ÝÊг¡¡£
¡¡¡¡ Citigroup first flooded the cash market with €11bn sell orders, causing rival banks to hedge their exposure in the Eurex market for German government bonds by selling the futures. About a half-an-hour later, Citigroup bought back €7bn of the bonds, raising suspicions of market manipulation.
¡¡¡¡
¡¡¡¡Õë¶Ô»¨ÆìÉæÏÓÔÚ·¨À¼¿Ë¸£Eurex½»Ò×Ëù²Ù×ÝÊг¡µÄµ÷²é£¬ºÜ¿ÉÄܼ¯ÖÐÔÚ»¨Æìϯ¾íEuroMTSÊг¡Ö®Ç°µÄ½»Òס£µÂ¹úºÍÓ¢¹ú½ðÈÚ¼à¹Üµ±¾ÖµÄµ÷²é½á¹ûÔ¤¼ÆÔÚδÀ´¼¸ÖÜÄÚ¹«²¼¡£Ó¢¹ú¼à¹Ü»ú¹¹Òѱíʾ£¬Èç¹û·¢ÏÖ»¨Æ켯ÍÅÎ¥·´Êг¡¹æÔòµÄÖ¤¾Ý£¬½«¶ÔËü´¦ÒÔ·£¿î¡£»¨Æ켯Ížܾø·¢±íÆÀÂÛ¡£
¡¡¡¡ An inquiry into possible manipulation on the Frankfurt-based Eurex exchange would be likely to centre on trades preceding the EuroMTS sweep. The results of the German and FSA investigations are expected to be announced within the next few weeks. The UK regulator has said Citigroup could be fined if evidence of market abuse is found. Citigroup declined to comment.