• Fri
  • Aug 1, 2014
  • Updated: 12:43am

SFC reprimanded BNP for weak settlement

PUBLISHED : Tuesday, 14 March, 2000, 12:00am
UPDATED : Tuesday, 14 March, 2000, 12:00am

The Securities and Futures Commission has publicly reprimanded BNP Prime Peregrine Securities for the company's weak settlement system. An SFC investigation found the company had improperly transferred a small number of clients' shares among its accounts at the Central Clearing and Settlement System.


Some clients' shares were used to settle others' stock transactions traded on August 28, 1998, the day the Government intervened in the stock market to fend off speculators, the SFC said.


However, no clients had suffered losses, and BNP Prime Peregrine had already taken steps to improve its settlement system, the SFC said.


BNP Prime Peregrine said it 'regretted the SFC's announcement'.


Share

For unlimited access to:

SCMP.com SCMP Tablet Edition SCMP Mobile Edition 10-year news archive
 
 

 

 
 
 
 
 

Login

SCMP.com Account

or