Forex trader fined

SECURITIES and Futures Commission officers have successfully prosecuted a man for breaching the leveraged forex ordinance, the first such prosecution.

Cheng Tai-cheung, who traded as Union-Bullion and Investment Agency, was fined $25,000 and ordered to pay costs of $24,000.

Mr Cheng did not have a licence and was convicted although the trades were routed through Macau.

'Forex trading is broadly defied to encompass acts of inducing people in Hong Kong to enter a leveraged forex arrangement,' a commission spokesman said.

'It is immaterial where the actual trading takes place if the inducement took place in Hong Kong.'