-
Nomura Fired Bond Trader Sawada After Japanese Spoofing Probe
Nomura Holdings Inc., Japan’s biggest brokerage, dismissed senior trader Takushi Sawada after regulators concluded that he had arranged the manipulative transactions that have tipped the firm into scandal. Sawada’s employment at Nomura was “terminated” Sept. 30 after a Japanese markets watchdog found that he had “engaged in manipulative trading” of derivatives tied to the country’s sovereign debt, according to a filing with the US Financial Industry Regulatory Authority. The transactions amounted to “layering,” a version of an illicit practice known as spoofing, the filing shows. Nomura Chief ... (full story)