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2022-05-09
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When will U.S. stocks fall when the curse of selling appears in May?
Dorcus
2022-02-07
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Big international banks are on a big deal! Systematic violation of regulations for over 10 years, heavily punished by supervision
Go to Tiger App to see more news
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data-views=\"1\"></v-v>","text":"$阿里巴巴(BABA)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9961008539","isVote":1,"tweetType":1,"viewCount":3233,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9023072918,"gmtCreate":1652841447434,"gmtModify":1676535173457,"author":{"id":"3584489883977095","authorId":"3584489883977095","name":"Dorcus","avatar":"https://static.tigerbbs.com/7437f4f99cc8aa728090f222ce507aae","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584489883977095","idStr":"3584489883977095"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9023072918","repostId":"1119599609","repostType":4,"isVote":1,"tweetType":1,"viewCount":1634,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9062490112,"gmtCreate":1652094021436,"gmtModify":1676535027455,"author":{"id":"3584489883977095","authorId":"3584489883977095","name":"Dorcus","avatar":"https://static.tigerbbs.com/7437f4f99cc8aa728090f222ce507aae","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584489883977095","idStr":"3584489883977095"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9062490112","repostId":"1122098756","repostType":4,"repost":{"id":"1122098756","kind":"news","weMediaInfo":{"introduction":"全球第五大财经门户网站Investing.com中国官方微信，提供全球各国海量金融资讯和实时行情数据，包括股票股指、外汇、期货、基金、债券、加密货币等。关注全球金融市场动态的投资者千万不可错过。","home_visible":1,"media_name":"英为财情Investing","id":"92","head_image":"https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313"},"pubTimestamp":1652091425,"share":"https://ttm.financial/m/news/1122098756?lang=en_US&edition=fundamental","pubTime":"2022-05-09 18:17","market":"us","language":"zh","title":"When will U.S. stocks fall when the curse of selling appears in May?","url":"https://stock-news.laohu8.com/highlight/detail?id=1122098756","media":"英为财情Investing","summary":"正所谓五穷六绝七翻身。相信广大的A股 投资者都听说过这一句股市谚语。历年的春季,往往是股票市场的“春季躁动”的行情阶段。而到了各家公司的年报、一季报发布完毕后,股票市场很可能出现阶段性回调,来消化“春","content":"<p><html><head></head><body>As the saying goes, five poor, six absolute and seven turned over. I believe that the majority of A-share investors have heard of this stock market proverb.</p><p>Over the years, spring is often the \"spring agitation\" stage of the stock market. After the annual reports and quarterly reports of various companies are released, the stock market is likely to have a periodic correction to digest the valuation bubble in the process of \"spring agitation\", and this correction is often particularly violent before the end of every half year. After the end of half a year, the market has entered the semi-annual report disclosure cycle, and the over-the-counter active funds that left the market in the adjustment process are likely to launch a wave of \"seven turns\" rising market with the help of the expectation of the semi-annual report growth. This cycle constitutes the saying of \"five poor, six absolute and seven turned over\".</p><p>There is a similar proverb on Wall Street, called \"Sell in May and go away\". It means to sell in May and then leave the stock market. The May Curse was first published in the Financial Times on May 10, 1935, and has been published in<a href=\"https://laohu8.com/S/JRJC\">Financial sector</a>Widely circulated. Although it may seem somewhat metaphysical, according to historical statistics, the holding yield from November to April of the following year is significantly greater than the holding yield in the half year from May to October. The recent turmoil in the stock market indicates that the \"May Curse\" may be staged again.</p><p><b>Stocks Plunge</b></p><p>So far this year, only six of the world's top 40 major stock indexes are on the rise.<a href=\"https://laohu8.com/S/VUKE.UK\">FTSE 100 UK</a>Index and Brazil's BOVESPA gained nearly negligible, and the remaining 34 major stock indexes were all in decline. The biggest decline is the Russian stock market, which is deeply mired in the Russia-Ukraine conflict, with a decline of more than 30%, and the bear crown in the world. It was followed by the Shenzhen Component Index, which fell 27.77%, and the Nasdaq Composite Index, which fell 22.37%.</p><p><img src=\"https://static.tigerbbs.com/eefe089190e73255f15200273a5b2223\" tg-width=\"640\" tg-height=\"873\" referrerpolicy=\"no-referrer\"/></p><p>Performance of major global stock indexes this year, source: Investing.com</p><p>Starting in April, U.S. stocks suddenly accelerated their decline. The Nasdaq Composite Index fell by 13.26% in April, and the decline continued into May. Last Friday, it hit the lowest closing level since 2020, and the weekly line fell for the fifth consecutive week, the longest weekly decline since the fourth quarter of 2012; The U.S. S&P 500 index fell 8.8% in April and has now fallen for five consecutive weeks, the longest weekly decline since the second quarter of 2011; The Dow Jones Industrial Average fell 4.91% in April and performed slightly better.</p><p><b>The Fed's rate hike Sword Hangs High</b></p><p>At the beginning of May, the Federal Reserve just announced that the rate hike was 50 basis points to the range of 0.75%-1.00%, which was the first significant rate hike of 50 basis points since 2000, but it was not radical compared with the market's expectation of 75 basis points in rate hike; At the same time, it announced that it would start shrinking balance sheet at the pace of $47.5 billion per month on June 1st, and gradually raise the ceiling of shrinking balance sheet to $95 billion per month within three months, which is also behind the progress of shrinking balance sheet expected by the market.</p><p>Fed Chairman Powell said at a press conference after the meeting that a 75 basis point rate hike magnitude is not worth considering, and that 50 basis points in rate hike is an option in the next few meetings, which may be followed by 50 basis points in rate hike and 25 basis points in rate hike. The FOMC estimates the neutral rate at between 2% and 3%.</p><p>U.S. stocks rose sharply on the day as the Fed's actions and Powell's speech dispelled expectations of aggressive tightening in the market. But just one day later, the market's aggressive rate hike expectation rekindled, and U.S. stocks plunged.</p><p>Judging from the trend of soaring and falling U.S. stocks, the market's panic about the Fed's radical rate hike still exists. According to Investing.com's Interest Rate Watcher, the probability of the Fed raising interest rates by 75 basis points in June reaches 82.9%.</p><p><img src=\"https://static.tigerbbs.com/5c31b01f7b991072adcb80ed6f24bdfa\" tg-width=\"1080\" tg-height=\"1125\" referrerpolicy=\"no-referrer\"/></p><p>Fed Interest Rate Watcher, Source: Investing.com</p><p>The primary culprit of this round of U.S. stock plunge is the tightening policy of the Federal Reserve. Since turning hawkish last year, the Federal Reserve has ended its stimulus measures and rate hike twice in a row. The rate hike has risen from 25 basis points to 50 basis points, and it does not rule out a future rate hike of 75 basis points, and it has started a plan to reduce its balance sheet. Regardless of what the Fed says, expectation management aside, the Fed's actual actions are increasingly aggressive.</p><p>This is inseparable from the uncontrolled inflation in the United States. This week, the United States will release CPI and PPI data again. If there is a signal that inflation has peaked, the tightening process of the Federal Reserve may slow down, and U.S. stocks may have a breathing opportunity; If inflation continues to be high, the May curse will be staged again.</p><p>In addition, the risk of a recession in the U.S. economy is also increasing. U.S. gross domestic product (GDP) unexpectedly shrank by 1.4% in the first quarter of this year, following an inversion of yields, which also poses a hidden crisis for the stock market.</p><p><b>May selling strategy or more effective for A shares</b></p><p>As the U.S. stock market has been in a bull market for more than a decade, although the performance of the stock market in summer is not as good as that of the spring most of the time, the continuous bull market of the U.S. stock market will make investors miss some of the gains, resulting in a decline in overall income. According to statistics, using this strategy, the maximum pullback/retracement of the S&P 500 index will drop from 52% to 32%, but the annualized yield will drop from 8.78% to 6.98%. That is to say, although the strategy reduces the overall pullback/retracement, the absolute returns are also pulled lower.</p><p>Compared with US stocks, the selling strategy in May has a more obvious effect on A shares that tend to shock. According to statistics, if this strategy is used, the maximum pullback/retracement will drop from 70% to 41%, and the annualized rate of return will increase from 3.48% to 8.59%.</p><p><b>epilogue</b></p><p>In the midst of a bull market, the strategy of selling in May may not be ideal. But in a crisis-ridden moment, temporary departure will be the safest choice. Perhaps after the suspension of the Fed's aggressive rate hike in June and July, the dividend of U.S. stocks will be empty or there will be a window of opportunity.</p><p>The next sentence of Sell in May and go away is but remember to come back in September ( But don't forget to come back in September).</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>When will U.S. stocks fall when the curse of selling appears in May?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhen will U.S. stocks fall when the curse of selling appears in May?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/92\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">英为财情Investing </p>\n<p class=\"h-time smaller\">2022-05-09 18:17</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>As the saying goes, five poor, six absolute and seven turned over. I believe that the majority of A-share investors have heard of this stock market proverb.</p><p>Over the years, spring is often the \"spring agitation\" stage of the stock market. After the annual reports and quarterly reports of various companies are released, the stock market is likely to have a periodic correction to digest the valuation bubble in the process of \"spring agitation\", and this correction is often particularly violent before the end of every half year. After the end of half a year, the market has entered the semi-annual report disclosure cycle, and the over-the-counter active funds that left the market in the adjustment process are likely to launch a wave of \"seven turns\" rising market with the help of the expectation of the semi-annual report growth. This cycle constitutes the saying of \"five poor, six absolute and seven turned over\".</p><p>There is a similar proverb on Wall Street, called \"Sell in May and go away\". It means to sell in May and then leave the stock market. The May Curse was first published in the Financial Times on May 10, 1935, and has been published in<a href=\"https://laohu8.com/S/JRJC\">Financial sector</a>Widely circulated. Although it may seem somewhat metaphysical, according to historical statistics, the holding yield from November to April of the following year is significantly greater than the holding yield in the half year from May to October. The recent turmoil in the stock market indicates that the \"May Curse\" may be staged again.</p><p><b>Stocks Plunge</b></p><p>So far this year, only six of the world's top 40 major stock indexes are on the rise.<a href=\"https://laohu8.com/S/VUKE.UK\">FTSE 100 UK</a>Index and Brazil's BOVESPA gained nearly negligible, and the remaining 34 major stock indexes were all in decline. The biggest decline is the Russian stock market, which is deeply mired in the Russia-Ukraine conflict, with a decline of more than 30%, and the bear crown in the world. It was followed by the Shenzhen Component Index, which fell 27.77%, and the Nasdaq Composite Index, which fell 22.37%.</p><p><img src=\"https://static.tigerbbs.com/eefe089190e73255f15200273a5b2223\" tg-width=\"640\" tg-height=\"873\" referrerpolicy=\"no-referrer\"/></p><p>Performance of major global stock indexes this year, source: Investing.com</p><p>Starting in April, U.S. stocks suddenly accelerated their decline. The Nasdaq Composite Index fell by 13.26% in April, and the decline continued into May. Last Friday, it hit the lowest closing level since 2020, and the weekly line fell for the fifth consecutive week, the longest weekly decline since the fourth quarter of 2012; The U.S. S&P 500 index fell 8.8% in April and has now fallen for five consecutive weeks, the longest weekly decline since the second quarter of 2011; The Dow Jones Industrial Average fell 4.91% in April and performed slightly better.</p><p><b>The Fed's rate hike Sword Hangs High</b></p><p>At the beginning of May, the Federal Reserve just announced that the rate hike was 50 basis points to the range of 0.75%-1.00%, which was the first significant rate hike of 50 basis points since 2000, but it was not radical compared with the market's expectation of 75 basis points in rate hike; At the same time, it announced that it would start shrinking balance sheet at the pace of $47.5 billion per month on June 1st, and gradually raise the ceiling of shrinking balance sheet to $95 billion per month within three months, which is also behind the progress of shrinking balance sheet expected by the market.</p><p>Fed Chairman Powell said at a press conference after the meeting that a 75 basis point rate hike magnitude is not worth considering, and that 50 basis points in rate hike is an option in the next few meetings, which may be followed by 50 basis points in rate hike and 25 basis points in rate hike. The FOMC estimates the neutral rate at between 2% and 3%.</p><p>U.S. stocks rose sharply on the day as the Fed's actions and Powell's speech dispelled expectations of aggressive tightening in the market. But just one day later, the market's aggressive rate hike expectation rekindled, and U.S. stocks plunged.</p><p>Judging from the trend of soaring and falling U.S. stocks, the market's panic about the Fed's radical rate hike still exists. According to Investing.com's Interest Rate Watcher, the probability of the Fed raising interest rates by 75 basis points in June reaches 82.9%.</p><p><img src=\"https://static.tigerbbs.com/5c31b01f7b991072adcb80ed6f24bdfa\" tg-width=\"1080\" tg-height=\"1125\" referrerpolicy=\"no-referrer\"/></p><p>Fed Interest Rate Watcher, Source: Investing.com</p><p>The primary culprit of this round of U.S. stock plunge is the tightening policy of the Federal Reserve. Since turning hawkish last year, the Federal Reserve has ended its stimulus measures and rate hike twice in a row. The rate hike has risen from 25 basis points to 50 basis points, and it does not rule out a future rate hike of 75 basis points, and it has started a plan to reduce its balance sheet. Regardless of what the Fed says, expectation management aside, the Fed's actual actions are increasingly aggressive.</p><p>This is inseparable from the uncontrolled inflation in the United States. This week, the United States will release CPI and PPI data again. If there is a signal that inflation has peaked, the tightening process of the Federal Reserve may slow down, and U.S. stocks may have a breathing opportunity; If inflation continues to be high, the May curse will be staged again.</p><p>In addition, the risk of a recession in the U.S. economy is also increasing. U.S. gross domestic product (GDP) unexpectedly shrank by 1.4% in the first quarter of this year, following an inversion of yields, which also poses a hidden crisis for the stock market.</p><p><b>May selling strategy or more effective for A shares</b></p><p>As the U.S. stock market has been in a bull market for more than a decade, although the performance of the stock market in summer is not as good as that of the spring most of the time, the continuous bull market of the U.S. stock market will make investors miss some of the gains, resulting in a decline in overall income. According to statistics, using this strategy, the maximum pullback/retracement of the S&P 500 index will drop from 52% to 32%, but the annualized yield will drop from 8.78% to 6.98%. That is to say, although the strategy reduces the overall pullback/retracement, the absolute returns are also pulled lower.</p><p>Compared with US stocks, the selling strategy in May has a more obvious effect on A shares that tend to shock. According to statistics, if this strategy is used, the maximum pullback/retracement will drop from 70% to 41%, and the annualized rate of return will increase from 3.48% to 8.59%.</p><p><b>epilogue</b></p><p>In the midst of a bull market, the strategy of selling in May may not be ideal. But in a crisis-ridden moment, temporary departure will be the safest choice. Perhaps after the suspension of the Fed's aggressive rate hike in June and July, the dividend of U.S. stocks will be empty or there will be a window of opportunity.</p><p>The next sentence of Sell in May and go away is but remember to come back in September ( But don't forget to come back in September).</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4f6ec6e99c0c8b9feb7f296b78c65a54","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122098756","content_text":"正所谓五穷六绝七翻身。相信广大的A股 投资者都听说过这一句股市谚语。历年的春季,往往是股票市场的“春季躁动”的行情阶段。而到了各家公司的年报、一季报发布完毕后,股票市场很可能出现阶段性回调,来消化“春季躁动”上涨过程中的估值泡沫,而这种回调往往在每个半年结束前显得尤为剧烈。半年结束后，市场进入了半年报披露周期，而此前在调整过程中离场的场外活跃资金，很可能借助半年报增长的预期，发动一波“七翻身”的上涨行情。这样的循环，就构成了“五穷六绝七翻身”的说法。华尔街也同样有一句类似的谚语，叫“Sell in May and go away”。意思是在五月份卖出，然后离开股市。“五月魔咒”最早刊登于1935年5月10日的《金融时报》，此后一直在金融界广为流传。虽然看起来有些玄学，但是根据历史统计，11月至次年4月的持有收益率显著大于在5月至10月这半年的持有收益率。而近期股市的动荡表明“5月魔咒”或将再次上演。股市暴跌今年年初至今，全球40大主要股指中，仅有六个股指处于上涨，其中英国富时100指数和巴西BOVESPA指数涨幅几乎可以忽略不计，其余34大股指均处于下跌状态。跌幅最大的当属深陷俄乌冲突的俄罗斯股市，跌幅达30%以上，熊冠全球。紧随其后的是深证成份指数下跌27.77%和纳斯达克综合指数 下跌22.37%。全球主要股指今年表现，来源：Investing.com从4月份开始，美股突然加速下跌。纳斯达克综合指数 在4月下跌了13.26%，而且跌势延续到了5月，上周五更是创下2020年以来最低收盘水平，周线连续第五周下跌，创2012年第四季以来持续时间最长的周线跌势；美国标准普尔500指数在4月下跌了8.8%，目前已经连续五周下跌，创自2011年第二季以来持续时间最长的周线下跌；道琼斯工业平均指数 4月下跌4.91%表现稍好。美联储加息利剑高悬5月初，美联储刚刚宣布加息50个基点至0.75%-1.00%区间，这是2000年以来首次大幅加息50个基点，但是与市场预期的加息75个基点相比并不算激进；同时宣布6月1日开始以每月475亿美元的步伐缩表，并在三个月内逐步提高缩表上限至每月950亿美元，与市场预期的缩表进度也有差距。美联储主席鲍威尔在会后的新闻发布会上表示75个基点的加息幅度并不值得考虑，未来几次会议加息50个基点是选项，可能会在加息50个基点之后加息25个基点。FOMC估计中性利率在2%至3%之间。美联储的行动和鲍威尔的发言打消了市场激进紧缩的预期，美股当日大幅上涨。但是仅仅一天之后，市场激进加息预期重燃，美股重挫。从美股暴涨暴跌的走势来看，市场对于美联储激进加息的恐慌犹存。根据Investing.com的利率观测器，美联储在6月加息75基点的概率达到82.9%。美联储利率观测器，来源：Investing.com本轮美股暴跌的首要元凶就是美联储的紧缩政策。自去年转向鹰派以来，美联储已经结束了刺激措施并连续加息两次，加息幅度从25基点上升到了50基点，且不排除未来加息75基点，并启动了缩减资产负债表的计划。不管美联储如何说，抛开预期管理不谈，美联储的实际行动却是越来越激进的。这与美国失控的通胀密不可分，本周美国将再次公布CPI和PPI数据，若出现通胀见顶的信号，美联储的紧缩进程或将放缓，美股或迎来喘息之机；若通胀继续高企，5月魔咒将再次上演。此外，美国经济出现衰退的风险也在加大。美国今年第一季国内生产总值（GDP）意外地萎缩1.4％，此前收益率也一度出现倒挂的情况，这对股市也暗藏危机。5月卖出策略或对A股更加有效由于美股已经持续了十多年的牛市，虽然多数时候夏季股市的表现不如春季，但是美股的持续牛市会令投资者错过一部分涨幅，导致整体收益下降。据统计，使用该策略的话，标普500指数最大回撤会从52%下降至32%，但年化收益率从8.78%下降至6.98%。也就是说，该策略虽然降低了整体回撤，但绝对收益也被拉低了。相对美股，5月卖出策略对偏向震荡的A股效果更加明显。据统计，使用该策略的话，最大回撤会从70 %下降至41%，年化收益率从3.48%提升至8.59%。尾声在牛市当中，5月份卖出的策略可能并不理想。但是在危机四伏的当下，暂时的离场将是最稳妥的选择。或许在6月7月美联储激进加息暂缓之后，美股利空出尽或将迎来机会窗口。Sell in May and go away（5月卖出并离开）的下一句则是but remember to come back in September（但别忘了在九月回来）。","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1806,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9098552795,"gmtCreate":1644192936636,"gmtModify":1676533897479,"author":{"id":"3584489883977095","authorId":"3584489883977095","name":"Dorcus","avatar":"https://static.tigerbbs.com/7437f4f99cc8aa728090f222ce507aae","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584489883977095","idStr":"3584489883977095"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9098552795","repostId":"2209405933","repostType":4,"repost":{"id":"2209405933","kind":"highlight","weMediaInfo":{"introduction":"致力于提供最及时的财经资讯，最专业的解读分析，覆盖宏观经济、金融机构、A股市场、上市公司、投资理财等财经领域。","home_visible":1,"media_name":"券商中国","id":"9","head_image":"https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f"},"pubTimestamp":1644190592,"share":"https://ttm.financial/m/news/2209405933?lang=en_US&edition=fundamental","pubTime":"2022-02-07 07:36","market":"sh","language":"zh","title":"Big international banks are on a big deal! Systematic violation of regulations for over 10 years, heavily punished by supervision","url":"https://stock-news.laohu8.com/highlight/detail?id=2209405933","media":"券商中国","summary":"超10年系统性违规香港证监会认为，上述失当行为在该等柜枱之间相当普遍，并持续了超过10年，这揭露了花旗环球金融的监控框架以及其第一及第二道防线整体出现了严重的系统性失误。中国证监会公示信息显示，花旗证券（中国）有限公司的设立申请材料已于2021年12月2日获得接收，并于2021年12月9日迎来补正日。","content":"<p><html><head></head><body>This big international bank is in trouble.</p><p><img src=\"https://static.tigerbbs.com/2b1ff5ebdebf4602baea1d99f97d4f61\" tg-width=\"1080\" tg-height=\"466\" referrerpolicy=\"no-referrer\"/></p><p><b>The Hong Kong Securities and Futures Commission recently announced that<a href=\"https://laohu8.com/S/C\">Citigroup</a>Global Financial Asia Limited (\"CitiGlobal Financial\") reprimanded and imposed a fine of $348.25 million for allowing various trading desks under its spot equities business unit to publish mislabeled purchase intentions to institutional clients between 2008 and 2018, and making misrepresentations to such clients when executing convenience transactions.</b></p><p>The Hong Kong Securities and Futures Commission said that such widespread dishonesty would not have persisted had it not been for serious failures and deficiencies of CitiGlobal Financial in its internal control measures, compliance functions and management oversight. It was also pointed out that the absence and misconduct mentioned above could be attributed to the failure of some of its former senior managers to perform their supervisory duties and that disciplinary proceedings would be commenced against these individuals later.</p><p>It is understood that CitiGlobal Financial has taken remedial steps and improvement measures to rectify and strengthen internal control measures on purchase intentions and facilitation of customer activities, including the appointment of an independent review body to review and validate its control framework. In early December 2021, the application for the establishment of Citi Securities (China) Co., Ltd. was accepted by the China Securities Regulatory Commission, which means that Citi has officially entered China's securities industry again.</p><p>A hefty 350 million fine</p><p><b>According to the announcement, the Hong Kong Securities and Futures Commission imposed a huge fine of 350 million yuan on Citi Global Financial this time, mainly because of the company's widespread dishonest behavior for 10 years (2008 to 2018).</b></p><p>Since at least 2008, CGF's stock sales and trading desks have been issuing purchase intents marked \"natural\", \"in contact\" and/or \"P:1\" (representing the expected risk-free nature of the transaction) to customers in the absence of genuine customer intent or in the absence of CGF's contact with a specific customer.</p><p>As a result, traders may not be able to find natural reverse liquidity after receiving enquiries from clients, which would allow CitiGlobal Financial Convenience Counters to intervene to provide liquidity. \"Citi Global Financial mislabeled its purchase intention not only against the relevant industry guidelines it claims to have adopted, but also against the basic principle of treating customers with honesty and fairness,\" the SFC said.</p><p>Meanwhile, the SFC sampled 174 convenience trades executed by different trading desks of CitiGlobal Financial between January 2014 and December 2018 and found that 127 of these trades involved traders/supervisors at these desks had the following problems:</p><p>First, providing false information to customers or actively concealing the nature of the principal of the relevant transaction;</p><p>Second, misleading statements have been made that make it possible for the customer to mistakenly believe that the transaction was executed on an agent basis; Or sometimes remain silent when the customer may mistake the transaction for an agent transaction;</p><p>Third, it did not indicate to the customer that the convenience service counter participated in the transaction, and did not obtain the customer's consent before forwarding the customer's transaction instruction to the convenience service counter for execution.</p><p>\"Customers generally prefer brokerage transactions (i.e. natural liquidity) over convenience services. CitiGlobal Financial misrepresented convenience transactions as brokerage transactions or failed to inform customers that convenience counters were involved in the transactions, so as to avoid allowing competitors to take away the transactions.\" The SFC pointed out the logic of interest behind the above violations.</p><p>\"Because CitiGlobal Financial is far below the standards that licensed intermediaries are supposed to meet, it is necessary to impose sanctions on them. This also illustrates the SFC's zero-tolerance attitude and its determination to eradicate misconduct by licensed intermediaries.\" Aldaly Aldaly, chief executive of the Hong Kong Securities and Futures Commission, said the extent of the deficiencies committed by CitiGlobal Financial revealed the company's culture of advocating profit and ignoring the basic standard of honesty. As a result, in the face of continued commercial pressure to attract more business and increase CitiGlobal Financial's market share, employees have defrauded.</p><p>Over 10 years of systematic violations</p><p><b>In the opinion of the SFC, the above-mentioned misconduct was quite prevalent among these counters and persisted for more than 10 years, which revealed a serious systemic failure in Citi Global Financial's monitoring framework and its first and second lines of defence as a whole.</b></p><p>In particular, prior to November 2018, CitiGlobal Financial did not identify and rectify the abovementioned irregularities by establishing any policies or controls, maintaining adequate internal indicators, providing training to traders, recording and monitoring the communications between the agent counter and the customer service facility counter.</p><p>\"CitiGlobal Financial has had several opportunities to identify and rectify the above deficiencies since at least 2014, but did not do so until the misconduct was discovered during an on-site inspection conducted by the SFC in late 2018,\" the SFC said.</p><p>On the whole, the Hong Kong Securities and Futures Commission pointed out that the problems of Citi Global Financial mainly include:</p><p>First, posting mislabeled purchase intent, misrepresenting the source of liquidity in executing the facilitation transaction, and removing the requirement to obtain prior consent for the facilitation transaction from CitiGlobal Financial's internal guidelines are dishonest and intentional;</p><p>Second, the misconduct lasted for more than 10 years, and it was not exposed until the CSRC inspected in 2018;</p><p>Thirdly, in order to achieve business growth, the senior management of CitiGlobal Financial turned a blind eye to misconduct and allowed these counters to adopt mislabeled purchase intentions and make misrepresentations;</p><p>Fourth, Citi Global Financial's compliance function did not properly perform its responsibilities.</p><p>Wei Jianxin, executive director of the regulatory enforcement department of the SFC, said: \"One of the main concerns of the SFC is that the senior management of CitiGlobal Financial has not ensured that it can maintain appropriate standards of conduct and comply with relevant regulatory requirements, as well as understand, manage and monitor its business and risks. This misconduct is quite common and has lasted for more than 10 years, which reflects that the senior management of CitiGlobal Financial has not properly performed its management and supervision responsibilities.\"</p><p>It is worth mentioning that Citi Global Financial also made remedies after the incident:</p><p>First, disciplinary action was taken against employees who engaged in misconduct and they were dismissed immediately;</p><p>Second, take remedial steps and improvement measures to stop misconduct and address the SFC's regulatory concerns;</p><p>Thirdly, CitiGlobal Financial has shown cooperation in addressing the concerns raised by the SFC and accepted the SFC findings and disciplinary actions.</p><p>Re-pursue domestic securities license</p><p>At the beginning of December 2021, Citi's plan to re-enter China's securities industry finally dropped a substantial step.</p><p><b>According to the information publicized by China Securities Regulatory Commission, the application materials for the establishment of Citi Securities (China) Co., Ltd. were accepted on December 2, 2021, and the correction date was ushered in on December 9, 2021.</b></p><p><img src=\"https://static.tigerbbs.com/326bb686c6fa47cb9208bfef6fc35456\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"/></p><p>This is Citigroup's second foray into China's securities industry. As early as June 2012,<a href=\"https://laohu8.com/S/600958\">Orient Securities</a>Based on the strategic investment partnership with Citigroup Global Financial (Asia) Co., Ltd., it jointly invested in the establishment of a Sino-foreign joint venture securities firm-Orient Citigroup Securities.<a href=\"https://laohu8.com/S/03958\">Orient Securities</a>Investment banking business.</p><p>However, in December 2019, Orient Securities announced in an announcement that it had acquired 33.3% equity of Orient Citigroup from Citi Asia, and Orient Citigroup has officially become a wholly-owned subsidiary of Orient Securities since then. In this regard, foreign media once reported that Citigroup once wanted to increase its stake in Oriental Citigroup Securities to 51%, but the relevant negotiations failed, so it considered withdrawing from Oriental Citigroup Securities and setting up another holding securities company in China.</p><p>In April 2021, Citi told the Securities Times and Brokerage China reporter that a new chapter of development focusing on corporate business will soon be launched in the Chinese market, which will ensure that personal business adjustments will be prudently and properly carried out in a way that protects the interests of customers, employees and relevant stakeholders and strives to minimize the impact.</p><p>\"In the transition to a new development stage focusing on corporate institutional clients, our first priority is to serve our customers well. Under the new development pattern of China's dual circulation, Citi will continue to help Chinese enterprises explore the global market and foreign institutions participate in China's open market,\" said Lin Yuhua, CEO of Citi China and president of Citibank (China) Co., Ltd.</p><p>It is said that Citi China has obtained a series of business qualifications, including the qualification of local fund custodian, the first batch of \"Bond Connect\" quotation institutions,<a href=\"https://laohu8.com/S/601988\">Bank of China</a>Interbank bond market bond underwriting qualification and interbank bond market settlement agent qualification, etc. At the same time, it is also one of the two foreign banks in LPR (loan market quotation rate) quotation banks.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Big international banks are on a big deal! Systematic violation of regulations for over 10 years, heavily punished by supervision</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBig international banks are on a big deal! Systematic violation of regulations for over 10 years, heavily punished by supervision\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/9\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">券商中国 </p>\n<p class=\"h-time smaller\">2022-02-07 07:36</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>This big international bank is in trouble.</p><p><img src=\"https://static.tigerbbs.com/2b1ff5ebdebf4602baea1d99f97d4f61\" tg-width=\"1080\" tg-height=\"466\" referrerpolicy=\"no-referrer\"/></p><p><b>The Hong Kong Securities and Futures Commission recently announced that<a href=\"https://laohu8.com/S/C\">Citigroup</a>Global Financial Asia Limited (\"CitiGlobal Financial\") reprimanded and imposed a fine of $348.25 million for allowing various trading desks under its spot equities business unit to publish mislabeled purchase intentions to institutional clients between 2008 and 2018, and making misrepresentations to such clients when executing convenience transactions.</b></p><p>The Hong Kong Securities and Futures Commission said that such widespread dishonesty would not have persisted had it not been for serious failures and deficiencies of CitiGlobal Financial in its internal control measures, compliance functions and management oversight. It was also pointed out that the absence and misconduct mentioned above could be attributed to the failure of some of its former senior managers to perform their supervisory duties and that disciplinary proceedings would be commenced against these individuals later.</p><p>It is understood that CitiGlobal Financial has taken remedial steps and improvement measures to rectify and strengthen internal control measures on purchase intentions and facilitation of customer activities, including the appointment of an independent review body to review and validate its control framework. In early December 2021, the application for the establishment of Citi Securities (China) Co., Ltd. was accepted by the China Securities Regulatory Commission, which means that Citi has officially entered China's securities industry again.</p><p>A hefty 350 million fine</p><p><b>According to the announcement, the Hong Kong Securities and Futures Commission imposed a huge fine of 350 million yuan on Citi Global Financial this time, mainly because of the company's widespread dishonest behavior for 10 years (2008 to 2018).</b></p><p>Since at least 2008, CGF's stock sales and trading desks have been issuing purchase intents marked \"natural\", \"in contact\" and/or \"P:1\" (representing the expected risk-free nature of the transaction) to customers in the absence of genuine customer intent or in the absence of CGF's contact with a specific customer.</p><p>As a result, traders may not be able to find natural reverse liquidity after receiving enquiries from clients, which would allow CitiGlobal Financial Convenience Counters to intervene to provide liquidity. \"Citi Global Financial mislabeled its purchase intention not only against the relevant industry guidelines it claims to have adopted, but also against the basic principle of treating customers with honesty and fairness,\" the SFC said.</p><p>Meanwhile, the SFC sampled 174 convenience trades executed by different trading desks of CitiGlobal Financial between January 2014 and December 2018 and found that 127 of these trades involved traders/supervisors at these desks had the following problems:</p><p>First, providing false information to customers or actively concealing the nature of the principal of the relevant transaction;</p><p>Second, misleading statements have been made that make it possible for the customer to mistakenly believe that the transaction was executed on an agent basis; Or sometimes remain silent when the customer may mistake the transaction for an agent transaction;</p><p>Third, it did not indicate to the customer that the convenience service counter participated in the transaction, and did not obtain the customer's consent before forwarding the customer's transaction instruction to the convenience service counter for execution.</p><p>\"Customers generally prefer brokerage transactions (i.e. natural liquidity) over convenience services. CitiGlobal Financial misrepresented convenience transactions as brokerage transactions or failed to inform customers that convenience counters were involved in the transactions, so as to avoid allowing competitors to take away the transactions.\" The SFC pointed out the logic of interest behind the above violations.</p><p>\"Because CitiGlobal Financial is far below the standards that licensed intermediaries are supposed to meet, it is necessary to impose sanctions on them. This also illustrates the SFC's zero-tolerance attitude and its determination to eradicate misconduct by licensed intermediaries.\" Aldaly Aldaly, chief executive of the Hong Kong Securities and Futures Commission, said the extent of the deficiencies committed by CitiGlobal Financial revealed the company's culture of advocating profit and ignoring the basic standard of honesty. As a result, in the face of continued commercial pressure to attract more business and increase CitiGlobal Financial's market share, employees have defrauded.</p><p>Over 10 years of systematic violations</p><p><b>In the opinion of the SFC, the above-mentioned misconduct was quite prevalent among these counters and persisted for more than 10 years, which revealed a serious systemic failure in Citi Global Financial's monitoring framework and its first and second lines of defence as a whole.</b></p><p>In particular, prior to November 2018, CitiGlobal Financial did not identify and rectify the abovementioned irregularities by establishing any policies or controls, maintaining adequate internal indicators, providing training to traders, recording and monitoring the communications between the agent counter and the customer service facility counter.</p><p>\"CitiGlobal Financial has had several opportunities to identify and rectify the above deficiencies since at least 2014, but did not do so until the misconduct was discovered during an on-site inspection conducted by the SFC in late 2018,\" the SFC said.</p><p>On the whole, the Hong Kong Securities and Futures Commission pointed out that the problems of Citi Global Financial mainly include:</p><p>First, posting mislabeled purchase intent, misrepresenting the source of liquidity in executing the facilitation transaction, and removing the requirement to obtain prior consent for the facilitation transaction from CitiGlobal Financial's internal guidelines are dishonest and intentional;</p><p>Second, the misconduct lasted for more than 10 years, and it was not exposed until the CSRC inspected in 2018;</p><p>Thirdly, in order to achieve business growth, the senior management of CitiGlobal Financial turned a blind eye to misconduct and allowed these counters to adopt mislabeled purchase intentions and make misrepresentations;</p><p>Fourth, Citi Global Financial's compliance function did not properly perform its responsibilities.</p><p>Wei Jianxin, executive director of the regulatory enforcement department of the SFC, said: \"One of the main concerns of the SFC is that the senior management of CitiGlobal Financial has not ensured that it can maintain appropriate standards of conduct and comply with relevant regulatory requirements, as well as understand, manage and monitor its business and risks. This misconduct is quite common and has lasted for more than 10 years, which reflects that the senior management of CitiGlobal Financial has not properly performed its management and supervision responsibilities.\"</p><p>It is worth mentioning that Citi Global Financial also made remedies after the incident:</p><p>First, disciplinary action was taken against employees who engaged in misconduct and they were dismissed immediately;</p><p>Second, take remedial steps and improvement measures to stop misconduct and address the SFC's regulatory concerns;</p><p>Thirdly, CitiGlobal Financial has shown cooperation in addressing the concerns raised by the SFC and accepted the SFC findings and disciplinary actions.</p><p>Re-pursue domestic securities license</p><p>At the beginning of December 2021, Citi's plan to re-enter China's securities industry finally dropped a substantial step.</p><p><b>According to the information publicized by China Securities Regulatory Commission, the application materials for the establishment of Citi Securities (China) Co., Ltd. were accepted on December 2, 2021, and the correction date was ushered in on December 9, 2021.</b></p><p><img src=\"https://static.tigerbbs.com/326bb686c6fa47cb9208bfef6fc35456\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"/></p><p>This is Citigroup's second foray into China's securities industry. As early as June 2012,<a href=\"https://laohu8.com/S/600958\">Orient Securities</a>Based on the strategic investment partnership with Citigroup Global Financial (Asia) Co., Ltd., it jointly invested in the establishment of a Sino-foreign joint venture securities firm-Orient Citigroup Securities.<a href=\"https://laohu8.com/S/03958\">Orient Securities</a>Investment banking business.</p><p>However, in December 2019, Orient Securities announced in an announcement that it had acquired 33.3% equity of Orient Citigroup from Citi Asia, and Orient Citigroup has officially become a wholly-owned subsidiary of Orient Securities since then. In this regard, foreign media once reported that Citigroup once wanted to increase its stake in Oriental Citigroup Securities to 51%, but the relevant negotiations failed, so it considered withdrawing from Oriental Citigroup Securities and setting up another holding securities company in China.</p><p>In April 2021, Citi told the Securities Times and Brokerage China reporter that a new chapter of development focusing on corporate business will soon be launched in the Chinese market, which will ensure that personal business adjustments will be prudently and properly carried out in a way that protects the interests of customers, employees and relevant stakeholders and strives to minimize the impact.</p><p>\"In the transition to a new development stage focusing on corporate institutional clients, our first priority is to serve our customers well. Under the new development pattern of China's dual circulation, Citi will continue to help Chinese enterprises explore the global market and foreign institutions participate in China's open market,\" said Lin Yuhua, CEO of Citi China and president of Citibank (China) Co., Ltd.</p><p>It is said that Citi China has obtained a series of business qualifications, including the qualification of local fund custodian, the first batch of \"Bond Connect\" quotation institutions,<a href=\"https://laohu8.com/S/601988\">Bank of China</a>Interbank bond market bond underwriting qualification and interbank bond market settlement agent qualification, etc. At the same time, it is also one of the two foreign banks in LPR (loan market quotation rate) quotation banks.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/89b37e5c97554d82974f4dc96342b666","relate_stocks":{"BK4207":"综合性银行","BK4566":"资本集团","C":"花旗","BK4534":"瑞士信贷持仓","BK4504":"桥水持仓"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2209405933","content_text":"这家国际大行摊上事儿了。香港证监会日前公告，对花旗环球金融亚洲有限公司（简称“花旗环球金融”）进行谴责，并处以罚款3.4825亿元，原因是该公司在2008年至2018年期间，一直容许其现货股票业务部辖下多个交易柜枱向机构客户发布被错误标签的申购意向，并在执行利便交易时向该等客户作出失实陈述。香港证监会称，若非花旗环球金融在内部监控措施、合规职能和管理层监督方面犯有严重失误及缺失，如此广泛地存在的不诚实行为不会一直持续。并指出，上述缺失及失当行为可归因于其部分前高级管理人员没有履行他们的监督职责，稍后会对这些人士展开纪律程序。据了解，花旗环球金融已采取补救步骤及改善措施，以纠正和加强对于申购意向及利便客户活动的内部监控措施，包括委任独立检讨机构，以检讨及验证其监控框架。而就在2021年12月初，花旗证券（中国）有限公司的设立申请已获中国证监会接收，这意味着花旗已正式再度进军中国证券业。3.5亿巨额罚款根据公告，香港证监会此次对花旗环球金融处以3.5亿元巨额罚款，主要是因为该公司在长达10年时间里（2008年至2018年）广泛地存在的不诚实行为。至少自2008年起，花旗环球金融的股票销售交易柜枱便一直在并无真正的客户意向或花旗环球金融并无接触特定客户的情况下，向客户发出标示为“自然”、“接触中”及／或“P:1”的申购意向（代表进行的交易预期属无风险性质）。这造成了交易员在接获客户的查询后，或将无法觅得自然的反向流通量，从而使花旗环球金融的利便服务柜枱介入，以提供流通量。“花旗环球金融错误标签申购意向的行为不但有悖其声称已采纳的相关行业指引，更违背了待客户以诚和公平地对待他们的基本原则。”香港证监会指出。与此同时，香港证监会抽检了174项由花旗环球金融不同交易柜枱在2014年1月至2018年12月期间执行的利便交易，并发现其中127项交易所涉及的该等柜枱交易员／主管存在以下问题：一是，向客户提供了失实资料，或主动隐瞒有关交易的主事人性质；二是，作出了误导性声明，使客户有可能误以为有关交易是以代理方式执行；或有时在客户可能误以为有关交易为代理交易时，仍保持沉默；三是，未对客户表明利便服务柜枱参与交易，并在将客户交易指示转发至利便服务柜枱执行前，没有取得客户同意。“客户一般偏好以代理方式进行交易（即自然流通量）多于利便服务。花旗环球金融作出失实陈述，将利便交易称为代理交易，或不将利便服务柜枱有参与交易一事告知客户，从而避免让竞争对手夺去交易。”香港证监会一针见血地指出上述违规行为背后的利益逻辑。“由于花旗环球金融远逊于持牌中介人理应达到的标准，故有必要对其施加制裁。此举亦阐明了证监会的零容忍态度，并决心根除持牌中介人的失当行为。”香港证监会行政总裁欧达礼表示，花旗环球金融所犯缺失的严重程度，揭露了该公司存在一种鼓吹逐利而漠视诚实这基本标准的文化。因此在面对要招揽更多生意、提升花旗环球金融的市场占有率的持续商业压力时，员工采取了欺诈手法。超10年系统性违规香港证监会认为，上述失当行为在该等柜枱之间相当普遍，并持续了超过10年，这揭露了花旗环球金融的监控框架以及其第一及第二道防线整体出现了严重的系统性失误。尤其在2018年11月之前，花旗环球金融没有通过制订任何政策或监控措施、设有足够的内部指、向交易员提供培训、记录及监察代理柜枱与利便客户服务柜枱之间的通讯等方式，来识别和纠正上述违规行为。“至少自2014年以来，花旗环球金融曾有多次机会识别和纠正上述缺失，但却直至失当行为在证监会于2018年底进行现场视察期间被发现时才这样做。”香港证监会表示。综合来说，香港证监会指出，花旗环球金融的问题主要包括：一是，发布被错误标签的申购意向，在执行利便交易时就流通量的来源作出失实陈述，以及将须就利便交易取得事先同意的规定从花旗环球金融的内部指引中移除，都是不诚实及故意的行为；二是，失当行为持续超过10年，直至证监会于2018年的视察期间才曝光；三是，花旗环球金融的高级管理层为了达致业务增长，对失当行为视若无睹，容许该等柜枱采用被错误标签的申购意向及作出失实陈述；四是，花旗环球金融的合规职能没有适当地履行其职责。香港证监会法规执行部执行董事魏建新表示：“证监会其中一个主要关注点是，花旗环球金融的高级管理层没有确保能够维持适当的操守标准和遵守相关监管规定，以及了解、管理和监察其业务及风险。该失当行为相当普遍并持续了超过10年，这反映花旗环球金融的高级管理层没有妥善履行其管理及监督责任。”值得一提的是，花旗环球金融也在事发之后进行了补救：第一，对参与失当行为的雇员采取了纪律行动，并立即解雇他们；第二，采取补救步骤及改善措施，以制止失当行为及处理证监会的监管关注事项；第三，花旗环球金融在解决证监会提出的关注事项时表现合作，及接受证监会的调查结果和纪律行动。再谋国内证券牌照2021年12月初，花旗再度进军中国证券业的计划，终于落下了实质性一子。中国证监会公示信息显示，花旗证券（中国）有限公司的设立申请材料已于2021年12月2日获得接收，并于2021年12月9日迎来补正日。这是花旗集团第二次进军中国券业。早在2012年6月，东方证券与花旗环球金融（亚洲）有限公司基于战略投资合作关系共同投资组建中外合资券商——东方花旗证券，整体承接原东方证券的投资银行业务。但在2019年12月，东方证券一纸公告宣布，从花旗亚洲手中受让东方花旗33.3%股权，东方花旗自此正式成为东方证券的全资子公司。对此外媒曾报道称，花旗集团一度想要增持东方花旗证券的股权至51％，但相关谈判未果，因此考虑退出东方花旗证券，在中国另设控股证券公司。而在2021年4月，花旗方面曾向证券时报·券商中国记者表示，在中国市场即将展开以企业机构业务为重点的发展新篇章，将确保以保护客户、员工和相关利益方的利益出发，力求将影响降至最低的方式审慎妥善开展个人业务调整。“在过渡成为以企业机构客户业务为重点的新发展阶段，我们的首要任务是服务好我们的客户。在中国双循环的新发展格局下，花旗将继续助力中国企业开拓全球市场和外资机构参与中国开放的大市场。”花旗中国首席执行官兼花旗银行（中国）有限公司行长林钰华表示。据称，花旗中国已经获得了一系列的业务资格，包括本地基金托管人资格、首批“债券通”报价机构、中国银行间债券市场债券承销资格以及银行间债券市场结算代理人资格等，同时还是LPR 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18:17","market":"us","language":"zh","title":"When will U.S. stocks fall when the curse of selling appears in May?","url":"https://stock-news.laohu8.com/highlight/detail?id=1122098756","media":"英为财情Investing","summary":"正所谓五穷六绝七翻身。相信广大的A股 投资者都听说过这一句股市谚语。历年的春季,往往是股票市场的“春季躁动”的行情阶段。而到了各家公司的年报、一季报发布完毕后,股票市场很可能出现阶段性回调,来消化“春","content":"<p><html><head></head><body>As the saying goes, five poor, six absolute and seven turned over. I believe that the majority of A-share investors have heard of this stock market proverb.</p><p>Over the years, spring is often the \"spring agitation\" stage of the stock market. After the annual reports and quarterly reports of various companies are released, the stock market is likely to have a periodic correction to digest the valuation bubble in the process of \"spring agitation\", and this correction is often particularly violent before the end of every half year. After the end of half a year, the market has entered the semi-annual report disclosure cycle, and the over-the-counter active funds that left the market in the adjustment process are likely to launch a wave of \"seven turns\" rising market with the help of the expectation of the semi-annual report growth. This cycle constitutes the saying of \"five poor, six absolute and seven turned over\".</p><p>There is a similar proverb on Wall Street, called \"Sell in May and go away\". It means to sell in May and then leave the stock market. The May Curse was first published in the Financial Times on May 10, 1935, and has been published in<a href=\"https://laohu8.com/S/JRJC\">Financial sector</a>Widely circulated. Although it may seem somewhat metaphysical, according to historical statistics, the holding yield from November to April of the following year is significantly greater than the holding yield in the half year from May to October. The recent turmoil in the stock market indicates that the \"May Curse\" may be staged again.</p><p><b>Stocks Plunge</b></p><p>So far this year, only six of the world's top 40 major stock indexes are on the rise.<a href=\"https://laohu8.com/S/VUKE.UK\">FTSE 100 UK</a>Index and Brazil's BOVESPA gained nearly negligible, and the remaining 34 major stock indexes were all in decline. The biggest decline is the Russian stock market, which is deeply mired in the Russia-Ukraine conflict, with a decline of more than 30%, and the bear crown in the world. It was followed by the Shenzhen Component Index, which fell 27.77%, and the Nasdaq Composite Index, which fell 22.37%.</p><p><img src=\"https://static.tigerbbs.com/eefe089190e73255f15200273a5b2223\" tg-width=\"640\" tg-height=\"873\" referrerpolicy=\"no-referrer\"/></p><p>Performance of major global stock indexes this year, source: Investing.com</p><p>Starting in April, U.S. stocks suddenly accelerated their decline. The Nasdaq Composite Index fell by 13.26% in April, and the decline continued into May. Last Friday, it hit the lowest closing level since 2020, and the weekly line fell for the fifth consecutive week, the longest weekly decline since the fourth quarter of 2012; The U.S. S&P 500 index fell 8.8% in April and has now fallen for five consecutive weeks, the longest weekly decline since the second quarter of 2011; The Dow Jones Industrial Average fell 4.91% in April and performed slightly better.</p><p><b>The Fed's rate hike Sword Hangs High</b></p><p>At the beginning of May, the Federal Reserve just announced that the rate hike was 50 basis points to the range of 0.75%-1.00%, which was the first significant rate hike of 50 basis points since 2000, but it was not radical compared with the market's expectation of 75 basis points in rate hike; At the same time, it announced that it would start shrinking balance sheet at the pace of $47.5 billion per month on June 1st, and gradually raise the ceiling of shrinking balance sheet to $95 billion per month within three months, which is also behind the progress of shrinking balance sheet expected by the market.</p><p>Fed Chairman Powell said at a press conference after the meeting that a 75 basis point rate hike magnitude is not worth considering, and that 50 basis points in rate hike is an option in the next few meetings, which may be followed by 50 basis points in rate hike and 25 basis points in rate hike. The FOMC estimates the neutral rate at between 2% and 3%.</p><p>U.S. stocks rose sharply on the day as the Fed's actions and Powell's speech dispelled expectations of aggressive tightening in the market. But just one day later, the market's aggressive rate hike expectation rekindled, and U.S. stocks plunged.</p><p>Judging from the trend of soaring and falling U.S. stocks, the market's panic about the Fed's radical rate hike still exists. According to Investing.com's Interest Rate Watcher, the probability of the Fed raising interest rates by 75 basis points in June reaches 82.9%.</p><p><img src=\"https://static.tigerbbs.com/5c31b01f7b991072adcb80ed6f24bdfa\" tg-width=\"1080\" tg-height=\"1125\" referrerpolicy=\"no-referrer\"/></p><p>Fed Interest Rate Watcher, Source: Investing.com</p><p>The primary culprit of this round of U.S. stock plunge is the tightening policy of the Federal Reserve. Since turning hawkish last year, the Federal Reserve has ended its stimulus measures and rate hike twice in a row. The rate hike has risen from 25 basis points to 50 basis points, and it does not rule out a future rate hike of 75 basis points, and it has started a plan to reduce its balance sheet. Regardless of what the Fed says, expectation management aside, the Fed's actual actions are increasingly aggressive.</p><p>This is inseparable from the uncontrolled inflation in the United States. This week, the United States will release CPI and PPI data again. If there is a signal that inflation has peaked, the tightening process of the Federal Reserve may slow down, and U.S. stocks may have a breathing opportunity; If inflation continues to be high, the May curse will be staged again.</p><p>In addition, the risk of a recession in the U.S. economy is also increasing. U.S. gross domestic product (GDP) unexpectedly shrank by 1.4% in the first quarter of this year, following an inversion of yields, which also poses a hidden crisis for the stock market.</p><p><b>May selling strategy or more effective for A shares</b></p><p>As the U.S. stock market has been in a bull market for more than a decade, although the performance of the stock market in summer is not as good as that of the spring most of the time, the continuous bull market of the U.S. stock market will make investors miss some of the gains, resulting in a decline in overall income. According to statistics, using this strategy, the maximum pullback/retracement of the S&P 500 index will drop from 52% to 32%, but the annualized yield will drop from 8.78% to 6.98%. That is to say, although the strategy reduces the overall pullback/retracement, the absolute returns are also pulled lower.</p><p>Compared with US stocks, the selling strategy in May has a more obvious effect on A shares that tend to shock. According to statistics, if this strategy is used, the maximum pullback/retracement will drop from 70% to 41%, and the annualized rate of return will increase from 3.48% to 8.59%.</p><p><b>epilogue</b></p><p>In the midst of a bull market, the strategy of selling in May may not be ideal. But in a crisis-ridden moment, temporary departure will be the safest choice. Perhaps after the suspension of the Fed's aggressive rate hike in June and July, the dividend of U.S. stocks will be empty or there will be a window of opportunity.</p><p>The next sentence of Sell in May and go away is but remember to come back in September ( But don't forget to come back in September).</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>When will U.S. stocks fall when the curse of selling appears in May?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhen will U.S. stocks fall when the curse of selling appears in May?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/92\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">英为财情Investing </p>\n<p class=\"h-time smaller\">2022-05-09 18:17</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>As the saying goes, five poor, six absolute and seven turned over. I believe that the majority of A-share investors have heard of this stock market proverb.</p><p>Over the years, spring is often the \"spring agitation\" stage of the stock market. After the annual reports and quarterly reports of various companies are released, the stock market is likely to have a periodic correction to digest the valuation bubble in the process of \"spring agitation\", and this correction is often particularly violent before the end of every half year. After the end of half a year, the market has entered the semi-annual report disclosure cycle, and the over-the-counter active funds that left the market in the adjustment process are likely to launch a wave of \"seven turns\" rising market with the help of the expectation of the semi-annual report growth. This cycle constitutes the saying of \"five poor, six absolute and seven turned over\".</p><p>There is a similar proverb on Wall Street, called \"Sell in May and go away\". It means to sell in May and then leave the stock market. The May Curse was first published in the Financial Times on May 10, 1935, and has been published in<a href=\"https://laohu8.com/S/JRJC\">Financial sector</a>Widely circulated. Although it may seem somewhat metaphysical, according to historical statistics, the holding yield from November to April of the following year is significantly greater than the holding yield in the half year from May to October. The recent turmoil in the stock market indicates that the \"May Curse\" may be staged again.</p><p><b>Stocks Plunge</b></p><p>So far this year, only six of the world's top 40 major stock indexes are on the rise.<a href=\"https://laohu8.com/S/VUKE.UK\">FTSE 100 UK</a>Index and Brazil's BOVESPA gained nearly negligible, and the remaining 34 major stock indexes were all in decline. The biggest decline is the Russian stock market, which is deeply mired in the Russia-Ukraine conflict, with a decline of more than 30%, and the bear crown in the world. It was followed by the Shenzhen Component Index, which fell 27.77%, and the Nasdaq Composite Index, which fell 22.37%.</p><p><img src=\"https://static.tigerbbs.com/eefe089190e73255f15200273a5b2223\" tg-width=\"640\" tg-height=\"873\" referrerpolicy=\"no-referrer\"/></p><p>Performance of major global stock indexes this year, source: Investing.com</p><p>Starting in April, U.S. stocks suddenly accelerated their decline. The Nasdaq Composite Index fell by 13.26% in April, and the decline continued into May. Last Friday, it hit the lowest closing level since 2020, and the weekly line fell for the fifth consecutive week, the longest weekly decline since the fourth quarter of 2012; The U.S. S&P 500 index fell 8.8% in April and has now fallen for five consecutive weeks, the longest weekly decline since the second quarter of 2011; The Dow Jones Industrial Average fell 4.91% in April and performed slightly better.</p><p><b>The Fed's rate hike Sword Hangs High</b></p><p>At the beginning of May, the Federal Reserve just announced that the rate hike was 50 basis points to the range of 0.75%-1.00%, which was the first significant rate hike of 50 basis points since 2000, but it was not radical compared with the market's expectation of 75 basis points in rate hike; At the same time, it announced that it would start shrinking balance sheet at the pace of $47.5 billion per month on June 1st, and gradually raise the ceiling of shrinking balance sheet to $95 billion per month within three months, which is also behind the progress of shrinking balance sheet expected by the market.</p><p>Fed Chairman Powell said at a press conference after the meeting that a 75 basis point rate hike magnitude is not worth considering, and that 50 basis points in rate hike is an option in the next few meetings, which may be followed by 50 basis points in rate hike and 25 basis points in rate hike. The FOMC estimates the neutral rate at between 2% and 3%.</p><p>U.S. stocks rose sharply on the day as the Fed's actions and Powell's speech dispelled expectations of aggressive tightening in the market. But just one day later, the market's aggressive rate hike expectation rekindled, and U.S. stocks plunged.</p><p>Judging from the trend of soaring and falling U.S. stocks, the market's panic about the Fed's radical rate hike still exists. According to Investing.com's Interest Rate Watcher, the probability of the Fed raising interest rates by 75 basis points in June reaches 82.9%.</p><p><img src=\"https://static.tigerbbs.com/5c31b01f7b991072adcb80ed6f24bdfa\" tg-width=\"1080\" tg-height=\"1125\" referrerpolicy=\"no-referrer\"/></p><p>Fed Interest Rate Watcher, Source: Investing.com</p><p>The primary culprit of this round of U.S. stock plunge is the tightening policy of the Federal Reserve. Since turning hawkish last year, the Federal Reserve has ended its stimulus measures and rate hike twice in a row. The rate hike has risen from 25 basis points to 50 basis points, and it does not rule out a future rate hike of 75 basis points, and it has started a plan to reduce its balance sheet. Regardless of what the Fed says, expectation management aside, the Fed's actual actions are increasingly aggressive.</p><p>This is inseparable from the uncontrolled inflation in the United States. This week, the United States will release CPI and PPI data again. If there is a signal that inflation has peaked, the tightening process of the Federal Reserve may slow down, and U.S. stocks may have a breathing opportunity; If inflation continues to be high, the May curse will be staged again.</p><p>In addition, the risk of a recession in the U.S. economy is also increasing. U.S. gross domestic product (GDP) unexpectedly shrank by 1.4% in the first quarter of this year, following an inversion of yields, which also poses a hidden crisis for the stock market.</p><p><b>May selling strategy or more effective for A shares</b></p><p>As the U.S. stock market has been in a bull market for more than a decade, although the performance of the stock market in summer is not as good as that of the spring most of the time, the continuous bull market of the U.S. stock market will make investors miss some of the gains, resulting in a decline in overall income. According to statistics, using this strategy, the maximum pullback/retracement of the S&P 500 index will drop from 52% to 32%, but the annualized yield will drop from 8.78% to 6.98%. That is to say, although the strategy reduces the overall pullback/retracement, the absolute returns are also pulled lower.</p><p>Compared with US stocks, the selling strategy in May has a more obvious effect on A shares that tend to shock. According to statistics, if this strategy is used, the maximum pullback/retracement will drop from 70% to 41%, and the annualized rate of return will increase from 3.48% to 8.59%.</p><p><b>epilogue</b></p><p>In the midst of a bull market, the strategy of selling in May may not be ideal. But in a crisis-ridden moment, temporary departure will be the safest choice. Perhaps after the suspension of the Fed's aggressive rate hike in June and July, the dividend of U.S. stocks will be empty or there will be a window of opportunity.</p><p>The next sentence of Sell in May and go away is but remember to come back in September ( But don't forget to come back in September).</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4f6ec6e99c0c8b9feb7f296b78c65a54","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122098756","content_text":"正所谓五穷六绝七翻身。相信广大的A股 投资者都听说过这一句股市谚语。历年的春季,往往是股票市场的“春季躁动”的行情阶段。而到了各家公司的年报、一季报发布完毕后,股票市场很可能出现阶段性回调,来消化“春季躁动”上涨过程中的估值泡沫,而这种回调往往在每个半年结束前显得尤为剧烈。半年结束后，市场进入了半年报披露周期，而此前在调整过程中离场的场外活跃资金，很可能借助半年报增长的预期，发动一波“七翻身”的上涨行情。这样的循环，就构成了“五穷六绝七翻身”的说法。华尔街也同样有一句类似的谚语，叫“Sell in May and go away”。意思是在五月份卖出，然后离开股市。“五月魔咒”最早刊登于1935年5月10日的《金融时报》，此后一直在金融界广为流传。虽然看起来有些玄学，但是根据历史统计，11月至次年4月的持有收益率显著大于在5月至10月这半年的持有收益率。而近期股市的动荡表明“5月魔咒”或将再次上演。股市暴跌今年年初至今，全球40大主要股指中，仅有六个股指处于上涨，其中英国富时100指数和巴西BOVESPA指数涨幅几乎可以忽略不计，其余34大股指均处于下跌状态。跌幅最大的当属深陷俄乌冲突的俄罗斯股市，跌幅达30%以上，熊冠全球。紧随其后的是深证成份指数下跌27.77%和纳斯达克综合指数 下跌22.37%。全球主要股指今年表现，来源：Investing.com从4月份开始，美股突然加速下跌。纳斯达克综合指数 在4月下跌了13.26%，而且跌势延续到了5月，上周五更是创下2020年以来最低收盘水平，周线连续第五周下跌，创2012年第四季以来持续时间最长的周线跌势；美国标准普尔500指数在4月下跌了8.8%，目前已经连续五周下跌，创自2011年第二季以来持续时间最长的周线下跌；道琼斯工业平均指数 4月下跌4.91%表现稍好。美联储加息利剑高悬5月初，美联储刚刚宣布加息50个基点至0.75%-1.00%区间，这是2000年以来首次大幅加息50个基点，但是与市场预期的加息75个基点相比并不算激进；同时宣布6月1日开始以每月475亿美元的步伐缩表，并在三个月内逐步提高缩表上限至每月950亿美元，与市场预期的缩表进度也有差距。美联储主席鲍威尔在会后的新闻发布会上表示75个基点的加息幅度并不值得考虑，未来几次会议加息50个基点是选项，可能会在加息50个基点之后加息25个基点。FOMC估计中性利率在2%至3%之间。美联储的行动和鲍威尔的发言打消了市场激进紧缩的预期，美股当日大幅上涨。但是仅仅一天之后，市场激进加息预期重燃，美股重挫。从美股暴涨暴跌的走势来看，市场对于美联储激进加息的恐慌犹存。根据Investing.com的利率观测器，美联储在6月加息75基点的概率达到82.9%。美联储利率观测器，来源：Investing.com本轮美股暴跌的首要元凶就是美联储的紧缩政策。自去年转向鹰派以来，美联储已经结束了刺激措施并连续加息两次，加息幅度从25基点上升到了50基点，且不排除未来加息75基点，并启动了缩减资产负债表的计划。不管美联储如何说，抛开预期管理不谈，美联储的实际行动却是越来越激进的。这与美国失控的通胀密不可分，本周美国将再次公布CPI和PPI数据，若出现通胀见顶的信号，美联储的紧缩进程或将放缓，美股或迎来喘息之机；若通胀继续高企，5月魔咒将再次上演。此外，美国经济出现衰退的风险也在加大。美国今年第一季国内生产总值（GDP）意外地萎缩1.4％，此前收益率也一度出现倒挂的情况，这对股市也暗藏危机。5月卖出策略或对A股更加有效由于美股已经持续了十多年的牛市，虽然多数时候夏季股市的表现不如春季，但是美股的持续牛市会令投资者错过一部分涨幅，导致整体收益下降。据统计，使用该策略的话，标普500指数最大回撤会从52%下降至32%，但年化收益率从8.78%下降至6.98%。也就是说，该策略虽然降低了整体回撤，但绝对收益也被拉低了。相对美股，5月卖出策略对偏向震荡的A股效果更加明显。据统计，使用该策略的话，最大回撤会从70 %下降至41%，年化收益率从3.48%提升至8.59%。尾声在牛市当中，5月份卖出的策略可能并不理想。但是在危机四伏的当下，暂时的离场将是最稳妥的选择。或许在6月7月美联储激进加息暂缓之后，美股利空出尽或将迎来机会窗口。Sell in May and go away（5月卖出并离开）的下一句则是but remember to come back in September（但别忘了在九月回来）。","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1806,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9098552795,"gmtCreate":1644192936636,"gmtModify":1676533897479,"author":{"id":"3584489883977095","authorId":"3584489883977095","name":"Dorcus","avatar":"https://static.tigerbbs.com/7437f4f99cc8aa728090f222ce507aae","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584489883977095","authorIdStr":"3584489883977095"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9098552795","repostId":"2209405933","repostType":4,"repost":{"id":"2209405933","kind":"highlight","weMediaInfo":{"introduction":"致力于提供最及时的财经资讯，最专业的解读分析，覆盖宏观经济、金融机构、A股市场、上市公司、投资理财等财经领域。","home_visible":1,"media_name":"券商中国","id":"9","head_image":"https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f"},"pubTimestamp":1644190592,"share":"https://ttm.financial/m/news/2209405933?lang=en_US&edition=fundamental","pubTime":"2022-02-07 07:36","market":"sh","language":"zh","title":"Big international banks are on a big deal! Systematic violation of regulations for over 10 years, heavily punished by supervision","url":"https://stock-news.laohu8.com/highlight/detail?id=2209405933","media":"券商中国","summary":"超10年系统性违规香港证监会认为，上述失当行为在该等柜枱之间相当普遍，并持续了超过10年，这揭露了花旗环球金融的监控框架以及其第一及第二道防线整体出现了严重的系统性失误。中国证监会公示信息显示，花旗证券（中国）有限公司的设立申请材料已于2021年12月2日获得接收，并于2021年12月9日迎来补正日。","content":"<p><html><head></head><body>This big international bank is in trouble.</p><p><img src=\"https://static.tigerbbs.com/2b1ff5ebdebf4602baea1d99f97d4f61\" tg-width=\"1080\" tg-height=\"466\" referrerpolicy=\"no-referrer\"/></p><p><b>The Hong Kong Securities and Futures Commission recently announced that<a href=\"https://laohu8.com/S/C\">Citigroup</a>Global Financial Asia Limited (\"CitiGlobal Financial\") reprimanded and imposed a fine of $348.25 million for allowing various trading desks under its spot equities business unit to publish mislabeled purchase intentions to institutional clients between 2008 and 2018, and making misrepresentations to such clients when executing convenience transactions.</b></p><p>The Hong Kong Securities and Futures Commission said that such widespread dishonesty would not have persisted had it not been for serious failures and deficiencies of CitiGlobal Financial in its internal control measures, compliance functions and management oversight. It was also pointed out that the absence and misconduct mentioned above could be attributed to the failure of some of its former senior managers to perform their supervisory duties and that disciplinary proceedings would be commenced against these individuals later.</p><p>It is understood that CitiGlobal Financial has taken remedial steps and improvement measures to rectify and strengthen internal control measures on purchase intentions and facilitation of customer activities, including the appointment of an independent review body to review and validate its control framework. In early December 2021, the application for the establishment of Citi Securities (China) Co., Ltd. was accepted by the China Securities Regulatory Commission, which means that Citi has officially entered China's securities industry again.</p><p>A hefty 350 million fine</p><p><b>According to the announcement, the Hong Kong Securities and Futures Commission imposed a huge fine of 350 million yuan on Citi Global Financial this time, mainly because of the company's widespread dishonest behavior for 10 years (2008 to 2018).</b></p><p>Since at least 2008, CGF's stock sales and trading desks have been issuing purchase intents marked \"natural\", \"in contact\" and/or \"P:1\" (representing the expected risk-free nature of the transaction) to customers in the absence of genuine customer intent or in the absence of CGF's contact with a specific customer.</p><p>As a result, traders may not be able to find natural reverse liquidity after receiving enquiries from clients, which would allow CitiGlobal Financial Convenience Counters to intervene to provide liquidity. \"Citi Global Financial mislabeled its purchase intention not only against the relevant industry guidelines it claims to have adopted, but also against the basic principle of treating customers with honesty and fairness,\" the SFC said.</p><p>Meanwhile, the SFC sampled 174 convenience trades executed by different trading desks of CitiGlobal Financial between January 2014 and December 2018 and found that 127 of these trades involved traders/supervisors at these desks had the following problems:</p><p>First, providing false information to customers or actively concealing the nature of the principal of the relevant transaction;</p><p>Second, misleading statements have been made that make it possible for the customer to mistakenly believe that the transaction was executed on an agent basis; Or sometimes remain silent when the customer may mistake the transaction for an agent transaction;</p><p>Third, it did not indicate to the customer that the convenience service counter participated in the transaction, and did not obtain the customer's consent before forwarding the customer's transaction instruction to the convenience service counter for execution.</p><p>\"Customers generally prefer brokerage transactions (i.e. natural liquidity) over convenience services. CitiGlobal Financial misrepresented convenience transactions as brokerage transactions or failed to inform customers that convenience counters were involved in the transactions, so as to avoid allowing competitors to take away the transactions.\" The SFC pointed out the logic of interest behind the above violations.</p><p>\"Because CitiGlobal Financial is far below the standards that licensed intermediaries are supposed to meet, it is necessary to impose sanctions on them. This also illustrates the SFC's zero-tolerance attitude and its determination to eradicate misconduct by licensed intermediaries.\" Aldaly Aldaly, chief executive of the Hong Kong Securities and Futures Commission, said the extent of the deficiencies committed by CitiGlobal Financial revealed the company's culture of advocating profit and ignoring the basic standard of honesty. As a result, in the face of continued commercial pressure to attract more business and increase CitiGlobal Financial's market share, employees have defrauded.</p><p>Over 10 years of systematic violations</p><p><b>In the opinion of the SFC, the above-mentioned misconduct was quite prevalent among these counters and persisted for more than 10 years, which revealed a serious systemic failure in Citi Global Financial's monitoring framework and its first and second lines of defence as a whole.</b></p><p>In particular, prior to November 2018, CitiGlobal Financial did not identify and rectify the abovementioned irregularities by establishing any policies or controls, maintaining adequate internal indicators, providing training to traders, recording and monitoring the communications between the agent counter and the customer service facility counter.</p><p>\"CitiGlobal Financial has had several opportunities to identify and rectify the above deficiencies since at least 2014, but did not do so until the misconduct was discovered during an on-site inspection conducted by the SFC in late 2018,\" the SFC said.</p><p>On the whole, the Hong Kong Securities and Futures Commission pointed out that the problems of Citi Global Financial mainly include:</p><p>First, posting mislabeled purchase intent, misrepresenting the source of liquidity in executing the facilitation transaction, and removing the requirement to obtain prior consent for the facilitation transaction from CitiGlobal Financial's internal guidelines are dishonest and intentional;</p><p>Second, the misconduct lasted for more than 10 years, and it was not exposed until the CSRC inspected in 2018;</p><p>Thirdly, in order to achieve business growth, the senior management of CitiGlobal Financial turned a blind eye to misconduct and allowed these counters to adopt mislabeled purchase intentions and make misrepresentations;</p><p>Fourth, Citi Global Financial's compliance function did not properly perform its responsibilities.</p><p>Wei Jianxin, executive director of the regulatory enforcement department of the SFC, said: \"One of the main concerns of the SFC is that the senior management of CitiGlobal Financial has not ensured that it can maintain appropriate standards of conduct and comply with relevant regulatory requirements, as well as understand, manage and monitor its business and risks. This misconduct is quite common and has lasted for more than 10 years, which reflects that the senior management of CitiGlobal Financial has not properly performed its management and supervision responsibilities.\"</p><p>It is worth mentioning that Citi Global Financial also made remedies after the incident:</p><p>First, disciplinary action was taken against employees who engaged in misconduct and they were dismissed immediately;</p><p>Second, take remedial steps and improvement measures to stop misconduct and address the SFC's regulatory concerns;</p><p>Thirdly, CitiGlobal Financial has shown cooperation in addressing the concerns raised by the SFC and accepted the SFC findings and disciplinary actions.</p><p>Re-pursue domestic securities license</p><p>At the beginning of December 2021, Citi's plan to re-enter China's securities industry finally dropped a substantial step.</p><p><b>According to the information publicized by China Securities Regulatory Commission, the application materials for the establishment of Citi Securities (China) Co., Ltd. were accepted on December 2, 2021, and the correction date was ushered in on December 9, 2021.</b></p><p><img src=\"https://static.tigerbbs.com/326bb686c6fa47cb9208bfef6fc35456\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"/></p><p>This is Citigroup's second foray into China's securities industry. As early as June 2012,<a href=\"https://laohu8.com/S/600958\">Orient Securities</a>Based on the strategic investment partnership with Citigroup Global Financial (Asia) Co., Ltd., it jointly invested in the establishment of a Sino-foreign joint venture securities firm-Orient Citigroup Securities.<a href=\"https://laohu8.com/S/03958\">Orient Securities</a>Investment banking business.</p><p>However, in December 2019, Orient Securities announced in an announcement that it had acquired 33.3% equity of Orient Citigroup from Citi Asia, and Orient Citigroup has officially become a wholly-owned subsidiary of Orient Securities since then. In this regard, foreign media once reported that Citigroup once wanted to increase its stake in Oriental Citigroup Securities to 51%, but the relevant negotiations failed, so it considered withdrawing from Oriental Citigroup Securities and setting up another holding securities company in China.</p><p>In April 2021, Citi told the Securities Times and Brokerage China reporter that a new chapter of development focusing on corporate business will soon be launched in the Chinese market, which will ensure that personal business adjustments will be prudently and properly carried out in a way that protects the interests of customers, employees and relevant stakeholders and strives to minimize the impact.</p><p>\"In the transition to a new development stage focusing on corporate institutional clients, our first priority is to serve our customers well. Under the new development pattern of China's dual circulation, Citi will continue to help Chinese enterprises explore the global market and foreign institutions participate in China's open market,\" said Lin Yuhua, CEO of Citi China and president of Citibank (China) Co., Ltd.</p><p>It is said that Citi China has obtained a series of business qualifications, including the qualification of local fund custodian, the first batch of \"Bond Connect\" quotation institutions,<a href=\"https://laohu8.com/S/601988\">Bank of China</a>Interbank bond market bond underwriting qualification and interbank bond market settlement agent qualification, etc. At the same time, it is also one of the two foreign banks in LPR (loan market quotation rate) quotation banks.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Big international banks are on a big deal! Systematic violation of regulations for over 10 years, heavily punished by supervision</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBig international banks are on a big deal! Systematic violation of regulations for over 10 years, heavily punished by supervision\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/9\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">券商中国 </p>\n<p class=\"h-time smaller\">2022-02-07 07:36</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>This big international bank is in trouble.</p><p><img src=\"https://static.tigerbbs.com/2b1ff5ebdebf4602baea1d99f97d4f61\" tg-width=\"1080\" tg-height=\"466\" referrerpolicy=\"no-referrer\"/></p><p><b>The Hong Kong Securities and Futures Commission recently announced that<a href=\"https://laohu8.com/S/C\">Citigroup</a>Global Financial Asia Limited (\"CitiGlobal Financial\") reprimanded and imposed a fine of $348.25 million for allowing various trading desks under its spot equities business unit to publish mislabeled purchase intentions to institutional clients between 2008 and 2018, and making misrepresentations to such clients when executing convenience transactions.</b></p><p>The Hong Kong Securities and Futures Commission said that such widespread dishonesty would not have persisted had it not been for serious failures and deficiencies of CitiGlobal Financial in its internal control measures, compliance functions and management oversight. It was also pointed out that the absence and misconduct mentioned above could be attributed to the failure of some of its former senior managers to perform their supervisory duties and that disciplinary proceedings would be commenced against these individuals later.</p><p>It is understood that CitiGlobal Financial has taken remedial steps and improvement measures to rectify and strengthen internal control measures on purchase intentions and facilitation of customer activities, including the appointment of an independent review body to review and validate its control framework. In early December 2021, the application for the establishment of Citi Securities (China) Co., Ltd. was accepted by the China Securities Regulatory Commission, which means that Citi has officially entered China's securities industry again.</p><p>A hefty 350 million fine</p><p><b>According to the announcement, the Hong Kong Securities and Futures Commission imposed a huge fine of 350 million yuan on Citi Global Financial this time, mainly because of the company's widespread dishonest behavior for 10 years (2008 to 2018).</b></p><p>Since at least 2008, CGF's stock sales and trading desks have been issuing purchase intents marked \"natural\", \"in contact\" and/or \"P:1\" (representing the expected risk-free nature of the transaction) to customers in the absence of genuine customer intent or in the absence of CGF's contact with a specific customer.</p><p>As a result, traders may not be able to find natural reverse liquidity after receiving enquiries from clients, which would allow CitiGlobal Financial Convenience Counters to intervene to provide liquidity. \"Citi Global Financial mislabeled its purchase intention not only against the relevant industry guidelines it claims to have adopted, but also against the basic principle of treating customers with honesty and fairness,\" the SFC said.</p><p>Meanwhile, the SFC sampled 174 convenience trades executed by different trading desks of CitiGlobal Financial between January 2014 and December 2018 and found that 127 of these trades involved traders/supervisors at these desks had the following problems:</p><p>First, providing false information to customers or actively concealing the nature of the principal of the relevant transaction;</p><p>Second, misleading statements have been made that make it possible for the customer to mistakenly believe that the transaction was executed on an agent basis; Or sometimes remain silent when the customer may mistake the transaction for an agent transaction;</p><p>Third, it did not indicate to the customer that the convenience service counter participated in the transaction, and did not obtain the customer's consent before forwarding the customer's transaction instruction to the convenience service counter for execution.</p><p>\"Customers generally prefer brokerage transactions (i.e. natural liquidity) over convenience services. CitiGlobal Financial misrepresented convenience transactions as brokerage transactions or failed to inform customers that convenience counters were involved in the transactions, so as to avoid allowing competitors to take away the transactions.\" The SFC pointed out the logic of interest behind the above violations.</p><p>\"Because CitiGlobal Financial is far below the standards that licensed intermediaries are supposed to meet, it is necessary to impose sanctions on them. This also illustrates the SFC's zero-tolerance attitude and its determination to eradicate misconduct by licensed intermediaries.\" Aldaly Aldaly, chief executive of the Hong Kong Securities and Futures Commission, said the extent of the deficiencies committed by CitiGlobal Financial revealed the company's culture of advocating profit and ignoring the basic standard of honesty. As a result, in the face of continued commercial pressure to attract more business and increase CitiGlobal Financial's market share, employees have defrauded.</p><p>Over 10 years of systematic violations</p><p><b>In the opinion of the SFC, the above-mentioned misconduct was quite prevalent among these counters and persisted for more than 10 years, which revealed a serious systemic failure in Citi Global Financial's monitoring framework and its first and second lines of defence as a whole.</b></p><p>In particular, prior to November 2018, CitiGlobal Financial did not identify and rectify the abovementioned irregularities by establishing any policies or controls, maintaining adequate internal indicators, providing training to traders, recording and monitoring the communications between the agent counter and the customer service facility counter.</p><p>\"CitiGlobal Financial has had several opportunities to identify and rectify the above deficiencies since at least 2014, but did not do so until the misconduct was discovered during an on-site inspection conducted by the SFC in late 2018,\" the SFC said.</p><p>On the whole, the Hong Kong Securities and Futures Commission pointed out that the problems of Citi Global Financial mainly include:</p><p>First, posting mislabeled purchase intent, misrepresenting the source of liquidity in executing the facilitation transaction, and removing the requirement to obtain prior consent for the facilitation transaction from CitiGlobal Financial's internal guidelines are dishonest and intentional;</p><p>Second, the misconduct lasted for more than 10 years, and it was not exposed until the CSRC inspected in 2018;</p><p>Thirdly, in order to achieve business growth, the senior management of CitiGlobal Financial turned a blind eye to misconduct and allowed these counters to adopt mislabeled purchase intentions and make misrepresentations;</p><p>Fourth, Citi Global Financial's compliance function did not properly perform its responsibilities.</p><p>Wei Jianxin, executive director of the regulatory enforcement department of the SFC, said: \"One of the main concerns of the SFC is that the senior management of CitiGlobal Financial has not ensured that it can maintain appropriate standards of conduct and comply with relevant regulatory requirements, as well as understand, manage and monitor its business and risks. This misconduct is quite common and has lasted for more than 10 years, which reflects that the senior management of CitiGlobal Financial has not properly performed its management and supervision responsibilities.\"</p><p>It is worth mentioning that Citi Global Financial also made remedies after the incident:</p><p>First, disciplinary action was taken against employees who engaged in misconduct and they were dismissed immediately;</p><p>Second, take remedial steps and improvement measures to stop misconduct and address the SFC's regulatory concerns;</p><p>Thirdly, CitiGlobal Financial has shown cooperation in addressing the concerns raised by the SFC and accepted the SFC findings and disciplinary actions.</p><p>Re-pursue domestic securities license</p><p>At the beginning of December 2021, Citi's plan to re-enter China's securities industry finally dropped a substantial step.</p><p><b>According to the information publicized by China Securities Regulatory Commission, the application materials for the establishment of Citi Securities (China) Co., Ltd. were accepted on December 2, 2021, and the correction date was ushered in on December 9, 2021.</b></p><p><img src=\"https://static.tigerbbs.com/326bb686c6fa47cb9208bfef6fc35456\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"/></p><p>This is Citigroup's second foray into China's securities industry. As early as June 2012,<a href=\"https://laohu8.com/S/600958\">Orient Securities</a>Based on the strategic investment partnership with Citigroup Global Financial (Asia) Co., Ltd., it jointly invested in the establishment of a Sino-foreign joint venture securities firm-Orient Citigroup Securities.<a href=\"https://laohu8.com/S/03958\">Orient Securities</a>Investment banking business.</p><p>However, in December 2019, Orient Securities announced in an announcement that it had acquired 33.3% equity of Orient Citigroup from Citi Asia, and Orient Citigroup has officially become a wholly-owned subsidiary of Orient Securities since then. In this regard, foreign media once reported that Citigroup once wanted to increase its stake in Oriental Citigroup Securities to 51%, but the relevant negotiations failed, so it considered withdrawing from Oriental Citigroup Securities and setting up another holding securities company in China.</p><p>In April 2021, Citi told the Securities Times and Brokerage China reporter that a new chapter of development focusing on corporate business will soon be launched in the Chinese market, which will ensure that personal business adjustments will be prudently and properly carried out in a way that protects the interests of customers, employees and relevant stakeholders and strives to minimize the impact.</p><p>\"In the transition to a new development stage focusing on corporate institutional clients, our first priority is to serve our customers well. Under the new development pattern of China's dual circulation, Citi will continue to help Chinese enterprises explore the global market and foreign institutions participate in China's open market,\" said Lin Yuhua, CEO of Citi China and president of Citibank (China) Co., Ltd.</p><p>It is said that Citi China has obtained a series of business qualifications, including the qualification of local fund custodian, the first batch of \"Bond Connect\" quotation institutions,<a href=\"https://laohu8.com/S/601988\">Bank of China</a>Interbank bond market bond underwriting qualification and interbank bond market settlement agent qualification, etc. At the same time, it is also one of the two foreign banks in LPR (loan market quotation rate) quotation banks.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/89b37e5c97554d82974f4dc96342b666","relate_stocks":{"BK4207":"综合性银行","BK4566":"资本集团","C":"花旗","BK4534":"瑞士信贷持仓","BK4504":"桥水持仓"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2209405933","content_text":"这家国际大行摊上事儿了。香港证监会日前公告，对花旗环球金融亚洲有限公司（简称“花旗环球金融”）进行谴责，并处以罚款3.4825亿元，原因是该公司在2008年至2018年期间，一直容许其现货股票业务部辖下多个交易柜枱向机构客户发布被错误标签的申购意向，并在执行利便交易时向该等客户作出失实陈述。香港证监会称，若非花旗环球金融在内部监控措施、合规职能和管理层监督方面犯有严重失误及缺失，如此广泛地存在的不诚实行为不会一直持续。并指出，上述缺失及失当行为可归因于其部分前高级管理人员没有履行他们的监督职责，稍后会对这些人士展开纪律程序。据了解，花旗环球金融已采取补救步骤及改善措施，以纠正和加强对于申购意向及利便客户活动的内部监控措施，包括委任独立检讨机构，以检讨及验证其监控框架。而就在2021年12月初，花旗证券（中国）有限公司的设立申请已获中国证监会接收，这意味着花旗已正式再度进军中国证券业。3.5亿巨额罚款根据公告，香港证监会此次对花旗环球金融处以3.5亿元巨额罚款，主要是因为该公司在长达10年时间里（2008年至2018年）广泛地存在的不诚实行为。至少自2008年起，花旗环球金融的股票销售交易柜枱便一直在并无真正的客户意向或花旗环球金融并无接触特定客户的情况下，向客户发出标示为“自然”、“接触中”及／或“P:1”的申购意向（代表进行的交易预期属无风险性质）。这造成了交易员在接获客户的查询后，或将无法觅得自然的反向流通量，从而使花旗环球金融的利便服务柜枱介入，以提供流通量。“花旗环球金融错误标签申购意向的行为不但有悖其声称已采纳的相关行业指引，更违背了待客户以诚和公平地对待他们的基本原则。”香港证监会指出。与此同时，香港证监会抽检了174项由花旗环球金融不同交易柜枱在2014年1月至2018年12月期间执行的利便交易，并发现其中127项交易所涉及的该等柜枱交易员／主管存在以下问题：一是，向客户提供了失实资料，或主动隐瞒有关交易的主事人性质；二是，作出了误导性声明，使客户有可能误以为有关交易是以代理方式执行；或有时在客户可能误以为有关交易为代理交易时，仍保持沉默；三是，未对客户表明利便服务柜枱参与交易，并在将客户交易指示转发至利便服务柜枱执行前，没有取得客户同意。“客户一般偏好以代理方式进行交易（即自然流通量）多于利便服务。花旗环球金融作出失实陈述，将利便交易称为代理交易，或不将利便服务柜枱有参与交易一事告知客户，从而避免让竞争对手夺去交易。”香港证监会一针见血地指出上述违规行为背后的利益逻辑。“由于花旗环球金融远逊于持牌中介人理应达到的标准，故有必要对其施加制裁。此举亦阐明了证监会的零容忍态度，并决心根除持牌中介人的失当行为。”香港证监会行政总裁欧达礼表示，花旗环球金融所犯缺失的严重程度，揭露了该公司存在一种鼓吹逐利而漠视诚实这基本标准的文化。因此在面对要招揽更多生意、提升花旗环球金融的市场占有率的持续商业压力时，员工采取了欺诈手法。超10年系统性违规香港证监会认为，上述失当行为在该等柜枱之间相当普遍，并持续了超过10年，这揭露了花旗环球金融的监控框架以及其第一及第二道防线整体出现了严重的系统性失误。尤其在2018年11月之前，花旗环球金融没有通过制订任何政策或监控措施、设有足够的内部指、向交易员提供培训、记录及监察代理柜枱与利便客户服务柜枱之间的通讯等方式，来识别和纠正上述违规行为。“至少自2014年以来，花旗环球金融曾有多次机会识别和纠正上述缺失，但却直至失当行为在证监会于2018年底进行现场视察期间被发现时才这样做。”香港证监会表示。综合来说，香港证监会指出，花旗环球金融的问题主要包括：一是，发布被错误标签的申购意向，在执行利便交易时就流通量的来源作出失实陈述，以及将须就利便交易取得事先同意的规定从花旗环球金融的内部指引中移除，都是不诚实及故意的行为；二是，失当行为持续超过10年，直至证监会于2018年的视察期间才曝光；三是，花旗环球金融的高级管理层为了达致业务增长，对失当行为视若无睹，容许该等柜枱采用被错误标签的申购意向及作出失实陈述；四是，花旗环球金融的合规职能没有适当地履行其职责。香港证监会法规执行部执行董事魏建新表示：“证监会其中一个主要关注点是，花旗环球金融的高级管理层没有确保能够维持适当的操守标准和遵守相关监管规定，以及了解、管理和监察其业务及风险。该失当行为相当普遍并持续了超过10年，这反映花旗环球金融的高级管理层没有妥善履行其管理及监督责任。”值得一提的是，花旗环球金融也在事发之后进行了补救：第一，对参与失当行为的雇员采取了纪律行动，并立即解雇他们；第二，采取补救步骤及改善措施，以制止失当行为及处理证监会的监管关注事项；第三，花旗环球金融在解决证监会提出的关注事项时表现合作，及接受证监会的调查结果和纪律行动。再谋国内证券牌照2021年12月初，花旗再度进军中国证券业的计划，终于落下了实质性一子。中国证监会公示信息显示，花旗证券（中国）有限公司的设立申请材料已于2021年12月2日获得接收，并于2021年12月9日迎来补正日。这是花旗集团第二次进军中国券业。早在2012年6月，东方证券与花旗环球金融（亚洲）有限公司基于战略投资合作关系共同投资组建中外合资券商——东方花旗证券，整体承接原东方证券的投资银行业务。但在2019年12月，东方证券一纸公告宣布，从花旗亚洲手中受让东方花旗33.3%股权，东方花旗自此正式成为东方证券的全资子公司。对此外媒曾报道称，花旗集团一度想要增持东方花旗证券的股权至51％，但相关谈判未果，因此考虑退出东方花旗证券，在中国另设控股证券公司。而在2021年4月，花旗方面曾向证券时报·券商中国记者表示，在中国市场即将展开以企业机构业务为重点的发展新篇章，将确保以保护客户、员工和相关利益方的利益出发，力求将影响降至最低的方式审慎妥善开展个人业务调整。“在过渡成为以企业机构客户业务为重点的新发展阶段，我们的首要任务是服务好我们的客户。在中国双循环的新发展格局下，花旗将继续助力中国企业开拓全球市场和外资机构参与中国开放的大市场。”花旗中国首席执行官兼花旗银行（中国）有限公司行长林钰华表示。据称，花旗中国已经获得了一系列的业务资格，包括本地基金托管人资格、首批“债券通”报价机构、中国银行间债券市场债券承销资格以及银行间债券市场结算代理人资格等，同时还是LPR 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