OSE punished, eyes SGX Singapore Nikkei threat

18 Aug 2003

Japan's Financial Services Agency (FSA) has imposed a three-month halt to Osaka Securities Exchange (OSE)'s plans to list on its own stock market. The regulator has also told OSE to improve its self-regulatory function.

The moves stem from wash trading in its stock options markets by a former OSE executive...

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"While we support its overall direction, a number of the requirements in the review are needlessly oppressive, particularly the proposed limits on execution-only business and bilateral execution. Additionally, the swathe of costly disclosure obligations is more likely to confuse than inform customers.”

The FOA's Anthony Belchambers responds to the EC's Mifid review.