Dorcus personal page - To The Moon

Dorcus

Dorcus

No personal profile

29Follow

1Followers

0Topic

0Badge

2024-01-26

$嘉楠科技(CAN)$

2022-12-12

$美团-W(03690)$

2022-12-05

$小米集团-W(01810)$

2022-11-25

$中国平安(02318)$

2022-11-24

$中国平安(02318)$

2022-11-23

$快手-W(01024)$

2022-11-22

$英伟达(NVDA)$

2022-11-21

$阿里巴巴-SW(09988)$

2022-11-19

$阿里巴巴-SW(09988)$

2022-11-18

$阿里巴巴(BABA)$

2022-05-18

K

Sorry, the original content has been removed

2022-05-09

Ok

Sorry, the original content has been removed

2022-02-07

Good

Big events are happening to international banks! Systematic violations for more than 10 years, severe regulatory penalties

Go to Tiger App to see more news

{"i18n":{"language":"en_US"},"userPageInfo":{"id":"3584489883977095","uuid":"3584489883977095","gmtCreate":1621396508294,"gmtModify":1624586644810,"name":"Dorcus","pinyin":"dorcus","introduction":"","introductionEn":"","signature":"","avatar":"https://static.tigerbbs.com/7437f4f99cc8aa728090f222ce507aae","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":1,"headSize":29,"tweetSize":0,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":2,"name":"无畏虎","nameTw":"無畏虎","represent":"初生牛犊","factor":"发布3条非转发主帖,1条获得他人回复或点赞","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":"success","userBadges":[{"badgeId":"1026c425416b44e0aac28c11a0848493-3","templateUuid":"1026c425416b44e0aac28c11a0848493","name":" Tiger Idol","description":"Join the tiger community for 1500 days","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2025.06.28","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":2,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":11,"crmLevelSwitch":0,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":267234281017632,"gmtCreate":1706273831531,"gmtModify":1706273834484,"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":"<a href=\"https://ttm.financial/S/CAN\">$嘉楠科技(CAN)$</a>&nbsp;","listText":"<a href=\"https://ttm.financial/S/CAN\">$嘉楠科技(CAN)$</a>&nbsp;","text":"$嘉楠科技(CAN)$","images":[{"img":"https://community-static.tradeup.com/news/60d4cecc8854bc66c6ced5a2fb007b9b","width":"1092","height":"1717"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/267234281017632","isVote":1,"tweetType":1,"viewCount":3665,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9923305102,"gmtCreate":1670798163907,"gmtModify":1676538433445,"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":"<a href=\"https://ttm.financial/S/03690\">$美团-W(03690)$&nbsp;</a><v-v data-views=\"0\"></v-v>","listText":"<a href=\"https://ttm.financial/S/03690\">$美团-W(03690)$&nbsp;</a><v-v data-views=\"0\"></v-v>","text":"$美团-W(03690)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9923305102","isVote":1,"tweetType":1,"viewCount":3391,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9967906603,"gmtCreate":1670243474702,"gmtModify":1676538327673,"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":"<a href=\"https://ttm.financial/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://ttm.financial/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"1\"></v-v>","text":"$小米集团-W(01810)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9967906603","isVote":1,"tweetType":1,"viewCount":3961,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9966008817,"gmtCreate":1669339532639,"gmtModify":1676538185091,"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":"<a href=\"https://ttm.financial/S/02318\">$中国平安(02318)$&nbsp;</a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://ttm.financial/S/02318\">$中国平安(02318)$&nbsp;</a><v-v data-views=\"1\"></v-v>","text":"$中国平安(02318)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9966008817","isVote":1,"tweetType":1,"viewCount":2710,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9968267025,"gmtCreate":1669246756467,"gmtModify":1676538171959,"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":"<a href=\"https://ttm.financial/S/02318\">$中国平安(02318)$&nbsp;</a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://ttm.financial/S/02318\">$中国平安(02318)$&nbsp;</a><v-v data-views=\"1\"></v-v>","text":"$中国平安(02318)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9968267025","isVote":1,"tweetType":1,"viewCount":2566,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9968687396,"gmtCreate":1669212023216,"gmtModify":1676538167809,"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":"<a href=\"https://ttm.financial/S/01024\">$快手-W(01024)$&nbsp;</a><v-v data-views=\"0\"></v-v>","listText":"<a href=\"https://ttm.financial/S/01024\">$快手-W(01024)$&nbsp;</a><v-v data-views=\"0\"></v-v>","text":"$快手-W(01024)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9968687396","isVote":1,"tweetType":1,"viewCount":3341,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9968052582,"gmtCreate":1669081381647,"gmtModify":1676538148680,"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":"<a href=\"https://ttm.financial/S/NVDA\">$英伟达(NVDA)$&nbsp;</a><v-v data-views=\"0\"></v-v>","listText":"<a href=\"https://ttm.financial/S/NVDA\">$英伟达(NVDA)$&nbsp;</a><v-v data-views=\"0\"></v-v>","text":"$英伟达(NVDA)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9968052582","isVote":1,"tweetType":1,"viewCount":2747,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9961275595,"gmtCreate":1668990769317,"gmtModify":1676538134876,"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":"<a href=\"https://ttm.financial/S/09988\">$阿里巴巴-SW(09988)$&nbsp;</a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://ttm.financial/S/09988\">$阿里巴巴-SW(09988)$&nbsp;</a><v-v data-views=\"1\"></v-v>","text":"$阿里巴巴-SW(09988)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9961275595","isVote":1,"tweetType":1,"viewCount":3095,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9961374184,"gmtCreate":1668863639149,"gmtModify":1676538122599,"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":"<a href=\"https://ttm.financial/S/09988\">$阿里巴巴-SW(09988)$&nbsp;</a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://ttm.financial/S/09988\">$阿里巴巴-SW(09988)$&nbsp;</a><v-v data-views=\"1\"></v-v>","text":"$阿里巴巴-SW(09988)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9961374184","isVote":1,"tweetType":1,"viewCount":2716,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9961008539,"gmtCreate":1668777452721,"gmtModify":1676538112323,"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":"<a href=\"https://ttm.financial/S/BABA\">$阿里巴巴(BABA)$&nbsp;</a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://ttm.financial/S/BABA\">$阿里巴巴(BABA)$&nbsp;</a><v-v 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":2941,"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":1602,"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,"isVote":1,"tweetType":1,"viewCount":1630,"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":"hk","language":"zh","title":"Big events are happening to international banks! Systematic violations for more than 10 years, severe regulatory penalties","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 stall 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<a href=\"https://laohu8.com/S/C\">Citigroup</a>Global Markets Asia Limited (referred to as \"Citigroup Global Markets\") condemned it and imposed a fine of 348.25 million yuan. The reason is that the company has been allowing multiple trading counters under its spot stock business unit to issue mislabeled subscription intentions to institutional customers from 2008 to 2018, and make misrepresentations to these customers when executing convenient transactions.</b></p><p>The Hong Kong Securities and Futures Commission said that such widespread dishonesty would not have lasted if Citigroup Global Markets had not committed serious mistakes and deficiencies in internal control measures, compliance functions and management supervision. He also pointed out that the above deficiencies and misconduct can be attributed to the failure of some of its former senior managers to perform their supervisory duties, and disciplinary proceedings will be initiated against these people later.</p><p>It is understood that Citigroup Global Markets has taken remedial steps and improvement measures to correct and strengthen the internal control measures on subscription intentions and customer activities, including appointing an independent review body to review and verify its control framework. At the beginning of December 2021, the application for the establishment of Citi Securities (China) Co., Ltd. has been accepted by the China Securities Regulatory Commission, which means that Citi has officially entered the Chinese securities industry again.</p><p>Huge fine of 350 million</p><p><b>According to the announcement, the Hong Kong Securities and Futures Commission imposed a huge fine of 350 million yuan on Citigroup Global Markets this time, mainly because of the company's widespread dishonest behavior for 10 years (2008 to 2018).</b></p><p>Since at least 2008, the stock sales counters of Citigroup Global Markets have been issuing subscription intentions marked as \"natural\", \"in contact\" and/or \"P: 1\" to customers without genuine customer intention or without Citigroup Global Markets contact with specific customers (representing the expected risk-free nature of the transaction).</p><p>As a result, traders may not be able to find natural reverse liquidity after receiving customer enquiries, thus causing Citigroup Global Market's convenience service counters to intervene to provide liquidity. \"Citigroup Global Market's mislabeling of subscription intentions is not only contrary to the relevant industry guidelines it claims to have adopted, but also contrary to the basic principles of treating customers with sincerity and fairness,\" the SFC noted.</p><p>At the same time, the Hong Kong Securities and Futures Commission randomly inspected 174 facilitation transactions executed by different trading counters of Citigroup Global Markets between January 2014 and December 2018, and found that 127 of these transactions involved these counter traders/supervisors had the following problems:</p><p>First, providing false information to customers, or voluntarily concealing the nature of the principal of the relevant transaction;</p><p>Second, misleading statements are made, so that customers may mistakenly think that the relevant transactions are executed by agency; Or sometimes remain silent when the customer may mistakenly believe that the transaction is an agency 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 agency transactions (i.e. natural liquidity) over facilitation services. Citigroup Global Markets misrepresentations by referring to facilitation transactions as agency transactions or failing to inform customers of the participation of facilitation counters in transactions, thus avoiding competitors taking away the transactions.\" The SFC pointed out the interest logic behind the irregularities.</p><p>\"It is necessary to impose sanctions on Citigroup Global Market because it is far inferior to the standards that licensed intermediaries should meet. This also illustrates the SFC's zero-tolerance approach and its determination to eradicate misconduct by licensed intermediaries.\" The extent of Citigroup Global Market's deficiencies revealed the company's culture of advocating profit and ignoring the basic standard of honesty, said SFC Chief Executive Officer. Therefore, in the face of continuous commercial pressure to attract more business and increase the market share of Citigroup Global Markets, employees resorted to fraudulent tactics.</p><p>Over 10 years of systematic violations</p><p><b>The Hong Kong Securities and Futures Commission believes that the above misconduct is quite common among these counters and has lasted for more than 10 years, which reveals serious systemic failures in Citigroup Global Financial's monitoring framework and its first and second lines of defense as a whole.</b></p><p>In particular, prior to November 2018, Citigroup Global Markets did not identify and rectify the above violations by formulating any policies or controls, establishing adequate internal guidelines, providing training to traders, recording and monitoring the communication between agency counters and customer service counters.</p><p>\"Since at least 2014, Citigroup Global Markets has had several opportunities to identify and correct these deficiencies, 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>To sum up, the Hong Kong Securities and Futures Commission pointed out that the problems of Citigroup Global Finance mainly include:</p><p>First, it is dishonest and intentional to publish mislabeled subscription intentions, make misrepresentations about the source of liquidity when executing facilitated transactions, and remove the requirement of obtaining prior consent for facilitated transactions from Citigroup Global Market's internal guidelines;</p><p>Second, the misconduct lasted for more than 10 years and was not exposed until the China Securities Regulatory Commission's inspection in 2018;</p><p>Third, in order to achieve business growth, the senior management of Citigroup Global Markets turned a blind eye to misconduct and allowed these counters to adopt mislabeled subscription intentions and make misrepresentations;</p><p>Fourth, the compliance function of Citigroup Global Market did not properly perform its responsibilities.</p><p>\"One of the main concerns of the SFC is that the senior management of Citigroup Global Market has failed to ensure that appropriate standards of conduct and compliance with relevant regulatory requirements are maintained, as well as to understand, manage and monitor its business and risks. This misconduct is quite widespread and persists for more than 10 years, which reflects that the senior management of Citigroup Global Market has failed to properly discharge its management and supervision responsibilities,\" said Wei Jianxin, executive director of the enforcement department of the SFC.</p><p>It is worth mentioning that Citigroup Global Markets also made remedies after the incident:</p><p>First, disciplinary action was taken against employees involved in misconduct and they were immediately dismissed;</p><p>Secondly, take remedial steps and improvement measures to stop misconduct and deal with the regulatory concerns of the SFC;</p><p>Thirdly, Citigroup Global Markets has shown cooperation in resolving the concerns raised by the SFC, and accepted the investigation findings and disciplinary actions of the SFC.</p><p>Seek another domestic securities license</p><p>At the beginning of December 2021, Citigroup's plan to enter China's securities industry again finally came to an end.</p><p><b>According to the public information of the China Securities Regulatory Commission, the application materials for the establishment of Citi Securities (China) Co., Ltd. have been accepted on December 2, 2021, and the correction date will be 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 the second time that Citigroup has entered 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 Markets (Asia) Co., Ltd., we jointly invested in the establishment of a Sino-foreign joint venture securities firm-Orient Citi Securities, and undertook the original<a href=\"https://laohu8.com/S/03958\">Orient Securities</a>Investment banking.</p><p>However, in December 2019, Orient Securities announced in an announcement that it had acquired 33.3% equity of Orient Citigroup from Citigroup Asia, and Orient Citigroup has officially become a wholly-owned subsidiary of Orient Securities since then. In addition, media reported that Citigroup once wanted to increase its stake in Orient Citi Securities to 51%, but the relevant negotiations failed, so it considered withdrawing from Orient Citi Securities and setting up another holding securities company in China.</p><p>In April 2021, Citigroup told the Securities Times · Brokerage China reporter that a new chapter of development focusing on corporate institutional business is about to open in the Chinese market, and it will ensure that the interests of customers, employees and relevant stakeholders are protected. Strive to carry out personal business adjustments prudently and properly in a way that minimizes the impact.</p><p>\"In the transition to a new stage of development focusing on corporate institutional customer business, our top priority is to serve our customers well. Under the new development pattern of China's dual circulation, Citi will continue to help Chinese companies explore global markets 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 Citigroup China has obtained a series of business qualifications, including local fund custodian qualifications, the first batch of \"Bond Connect\" quotation agencies,<a href=\"https://laohu8.com/S/601988\">BANK OF CHINA</a>Inter-bank bond market bond underwriting qualifications and inter-bank bond market settlement agent qualifications, etc. It is also one of the two foreign banks in LPR (Loan Market Quoted 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 events are happening to international banks! Systematic violations for more than 10 years, severe regulatory penalties</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 events are happening to international banks! Systematic violations for more than 10 years, severe regulatory penalties\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 stall 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<a href=\"https://laohu8.com/S/C\">Citigroup</a>Global Markets Asia Limited (referred to as \"Citigroup Global Markets\") condemned it and imposed a fine of 348.25 million yuan. The reason is that the company has been allowing multiple trading counters under its spot stock business unit to issue mislabeled subscription intentions to institutional customers from 2008 to 2018, and make misrepresentations to these customers when executing convenient transactions.</b></p><p>The Hong Kong Securities and Futures Commission said that such widespread dishonesty would not have lasted if Citigroup Global Markets had not committed serious mistakes and deficiencies in internal control measures, compliance functions and management supervision. He also pointed out that the above deficiencies and misconduct can be attributed to the failure of some of its former senior managers to perform their supervisory duties, and disciplinary proceedings will be initiated against these people later.</p><p>It is understood that Citigroup Global Markets has taken remedial steps and improvement measures to correct and strengthen the internal control measures on subscription intentions and customer activities, including appointing an independent review body to review and verify its control framework. At the beginning of December 2021, the application for the establishment of Citi Securities (China) Co., Ltd. has been accepted by the China Securities Regulatory Commission, which means that Citi has officially entered the Chinese securities industry again.</p><p>Huge fine of 350 million</p><p><b>According to the announcement, the Hong Kong Securities and Futures Commission imposed a huge fine of 350 million yuan on Citigroup Global Markets this time, mainly because of the company's widespread dishonest behavior for 10 years (2008 to 2018).</b></p><p>Since at least 2008, the stock sales counters of Citigroup Global Markets have been issuing subscription intentions marked as \"natural\", \"in contact\" and/or \"P: 1\" to customers without genuine customer intention or without Citigroup Global Markets contact with specific customers (representing the expected risk-free nature of the transaction).</p><p>As a result, traders may not be able to find natural reverse liquidity after receiving customer enquiries, thus causing Citigroup Global Market's convenience service counters to intervene to provide liquidity. \"Citigroup Global Market's mislabeling of subscription intentions is not only contrary to the relevant industry guidelines it claims to have adopted, but also contrary to the basic principles of treating customers with sincerity and fairness,\" the SFC noted.</p><p>At the same time, the Hong Kong Securities and Futures Commission randomly inspected 174 facilitation transactions executed by different trading counters of Citigroup Global Markets between January 2014 and December 2018, and found that 127 of these transactions involved these counter traders/supervisors had the following problems:</p><p>First, providing false information to customers, or voluntarily concealing the nature of the principal of the relevant transaction;</p><p>Second, misleading statements are made, so that customers may mistakenly think that the relevant transactions are executed by agency; Or sometimes remain silent when the customer may mistakenly believe that the transaction is an agency 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 agency transactions (i.e. natural liquidity) over facilitation services. Citigroup Global Markets misrepresentations by referring to facilitation transactions as agency transactions or failing to inform customers of the participation of facilitation counters in transactions, thus avoiding competitors taking away the transactions.\" The SFC pointed out the interest logic behind the irregularities.</p><p>\"It is necessary to impose sanctions on Citigroup Global Market because it is far inferior to the standards that licensed intermediaries should meet. This also illustrates the SFC's zero-tolerance approach and its determination to eradicate misconduct by licensed intermediaries.\" The extent of Citigroup Global Market's deficiencies revealed the company's culture of advocating profit and ignoring the basic standard of honesty, said SFC Chief Executive Officer. Therefore, in the face of continuous commercial pressure to attract more business and increase the market share of Citigroup Global Markets, employees resorted to fraudulent tactics.</p><p>Over 10 years of systematic violations</p><p><b>The Hong Kong Securities and Futures Commission believes that the above misconduct is quite common among these counters and has lasted for more than 10 years, which reveals serious systemic failures in Citigroup Global Financial's monitoring framework and its first and second lines of defense as a whole.</b></p><p>In particular, prior to November 2018, Citigroup Global Markets did not identify and rectify the above violations by formulating any policies or controls, establishing adequate internal guidelines, providing training to traders, recording and monitoring the communication between agency counters and customer service counters.</p><p>\"Since at least 2014, Citigroup Global Markets has had several opportunities to identify and correct these deficiencies, 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>To sum up, the Hong Kong Securities and Futures Commission pointed out that the problems of Citigroup Global Finance mainly include:</p><p>First, it is dishonest and intentional to publish mislabeled subscription intentions, make misrepresentations about the source of liquidity when executing facilitated transactions, and remove the requirement of obtaining prior consent for facilitated transactions from Citigroup Global Market's internal guidelines;</p><p>Second, the misconduct lasted for more than 10 years and was not exposed until the China Securities Regulatory Commission's inspection in 2018;</p><p>Third, in order to achieve business growth, the senior management of Citigroup Global Markets turned a blind eye to misconduct and allowed these counters to adopt mislabeled subscription intentions and make misrepresentations;</p><p>Fourth, the compliance function of Citigroup Global Market did not properly perform its responsibilities.</p><p>\"One of the main concerns of the SFC is that the senior management of Citigroup Global Market has failed to ensure that appropriate standards of conduct and compliance with relevant regulatory requirements are maintained, as well as to understand, manage and monitor its business and risks. This misconduct is quite widespread and persists for more than 10 years, which reflects that the senior management of Citigroup Global Market has failed to properly discharge its management and supervision responsibilities,\" said Wei Jianxin, executive director of the enforcement department of the SFC.</p><p>It is worth mentioning that Citigroup Global Markets also made remedies after the incident:</p><p>First, disciplinary action was taken against employees involved in misconduct and they were immediately dismissed;</p><p>Secondly, take remedial steps and improvement measures to stop misconduct and deal with the regulatory concerns of the SFC;</p><p>Thirdly, Citigroup Global Markets has shown cooperation in resolving the concerns raised by the SFC, and accepted the investigation findings and disciplinary actions of the SFC.</p><p>Seek another domestic securities license</p><p>At the beginning of December 2021, Citigroup's plan to enter China's securities industry again finally came to an end.</p><p><b>According to the public information of the China Securities Regulatory Commission, the application materials for the establishment of Citi Securities (China) Co., Ltd. have been accepted on December 2, 2021, and the correction date will be 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 the second time that Citigroup has entered 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 Markets (Asia) Co., Ltd., we jointly invested in the establishment of a Sino-foreign joint venture securities firm-Orient Citi Securities, and undertook the original<a href=\"https://laohu8.com/S/03958\">Orient Securities</a>Investment banking.</p><p>However, in December 2019, Orient Securities announced in an announcement that it had acquired 33.3% equity of Orient Citigroup from Citigroup Asia, and Orient Citigroup has officially become a wholly-owned subsidiary of Orient Securities since then. In addition, media reported that Citigroup once wanted to increase its stake in Orient Citi Securities to 51%, but the relevant negotiations failed, so it considered withdrawing from Orient Citi Securities and setting up another holding securities company in China.</p><p>In April 2021, Citigroup told the Securities Times · Brokerage China reporter that a new chapter of development focusing on corporate institutional business is about to open in the Chinese market, and it will ensure that the interests of customers, employees and relevant stakeholders are protected. Strive to carry out personal business adjustments prudently and properly in a way that minimizes the impact.</p><p>\"In the transition to a new stage of development focusing on corporate institutional customer business, our top priority is to serve our customers well. Under the new development pattern of China's dual circulation, Citi will continue to help Chinese companies explore global markets 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 Citigroup China has obtained a series of business qualifications, including local fund custodian qualifications, the first batch of \"Bond Connect\" quotation agencies,<a href=\"https://laohu8.com/S/601988\">BANK OF CHINA</a>Inter-bank bond market bond underwriting qualifications and inter-bank bond market settlement agent qualifications, etc. It is also one of the two foreign banks in LPR (Loan Market Quoted 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":{"BK4504":"桥水持仓","BK4207":"综合性银行","BK4566":"资本集团","C":"花旗","BK4534":"瑞士信贷持仓"},"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 (贷款市场报价利率) 报价行中两家外资行之一。","news_type":1,"symbols_score_info":{"C":0.9}},"isVote":1,"tweetType":1,"viewCount":1225,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":267234281017632,"gmtCreate":1706273831531,"gmtModify":1706273834484,"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":"<a href=\"https://ttm.financial/S/CAN\">$嘉楠科技(CAN)$</a>&nbsp;","listText":"<a href=\"https://ttm.financial/S/CAN\">$嘉楠科技(CAN)$</a>&nbsp;","text":"$嘉楠科技(CAN)$","images":[{"img":"https://community-static.tradeup.com/news/60d4cecc8854bc66c6ced5a2fb007b9b","width":"1092","height":"1717"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/267234281017632","isVote":1,"tweetType":1,"viewCount":3665,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9967906603,"gmtCreate":1670243474702,"gmtModify":1676538327673,"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":"<a href=\"https://ttm.financial/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://ttm.financial/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"1\"></v-v>","text":"$小米集团-W(01810)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9967906603","isVote":1,"tweetType":1,"viewCount":3961,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9961275595,"gmtCreate":1668990769317,"gmtModify":1676538134876,"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":"<a href=\"https://ttm.financial/S/09988\">$阿里巴巴-SW(09988)$&nbsp;</a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://ttm.financial/S/09988\">$阿里巴巴-SW(09988)$&nbsp;</a><v-v data-views=\"1\"></v-v>","text":"$阿里巴巴-SW(09988)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9961275595","isVote":1,"tweetType":1,"viewCount":3095,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9961008539,"gmtCreate":1668777452721,"gmtModify":1676538112323,"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":"<a href=\"https://ttm.financial/S/BABA\">$阿里巴巴(BABA)$&nbsp;</a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://ttm.financial/S/BABA\">$阿里巴巴(BABA)$&nbsp;</a><v-v 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":2941,"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,"idStr":"3584489883977095","authorIdStr":"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,"isVote":1,"tweetType":1,"viewCount":1630,"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":"hk","language":"zh","title":"Big events are happening to international banks! Systematic violations for more than 10 years, severe regulatory penalties","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 stall 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<a href=\"https://laohu8.com/S/C\">Citigroup</a>Global Markets Asia Limited (referred to as \"Citigroup Global Markets\") condemned it and imposed a fine of 348.25 million yuan. The reason is that the company has been allowing multiple trading counters under its spot stock business unit to issue mislabeled subscription intentions to institutional customers from 2008 to 2018, and make misrepresentations to these customers when executing convenient transactions.</b></p><p>The Hong Kong Securities and Futures Commission said that such widespread dishonesty would not have lasted if Citigroup Global Markets had not committed serious mistakes and deficiencies in internal control measures, compliance functions and management supervision. He also pointed out that the above deficiencies and misconduct can be attributed to the failure of some of its former senior managers to perform their supervisory duties, and disciplinary proceedings will be initiated against these people later.</p><p>It is understood that Citigroup Global Markets has taken remedial steps and improvement measures to correct and strengthen the internal control measures on subscription intentions and customer activities, including appointing an independent review body to review and verify its control framework. At the beginning of December 2021, the application for the establishment of Citi Securities (China) Co., Ltd. has been accepted by the China Securities Regulatory Commission, which means that Citi has officially entered the Chinese securities industry again.</p><p>Huge fine of 350 million</p><p><b>According to the announcement, the Hong Kong Securities and Futures Commission imposed a huge fine of 350 million yuan on Citigroup Global Markets this time, mainly because of the company's widespread dishonest behavior for 10 years (2008 to 2018).</b></p><p>Since at least 2008, the stock sales counters of Citigroup Global Markets have been issuing subscription intentions marked as \"natural\", \"in contact\" and/or \"P: 1\" to customers without genuine customer intention or without Citigroup Global Markets contact with specific customers (representing the expected risk-free nature of the transaction).</p><p>As a result, traders may not be able to find natural reverse liquidity after receiving customer enquiries, thus causing Citigroup Global Market's convenience service counters to intervene to provide liquidity. \"Citigroup Global Market's mislabeling of subscription intentions is not only contrary to the relevant industry guidelines it claims to have adopted, but also contrary to the basic principles of treating customers with sincerity and fairness,\" the SFC noted.</p><p>At the same time, the Hong Kong Securities and Futures Commission randomly inspected 174 facilitation transactions executed by different trading counters of Citigroup Global Markets between January 2014 and December 2018, and found that 127 of these transactions involved these counter traders/supervisors had the following problems:</p><p>First, providing false information to customers, or voluntarily concealing the nature of the principal of the relevant transaction;</p><p>Second, misleading statements are made, so that customers may mistakenly think that the relevant transactions are executed by agency; Or sometimes remain silent when the customer may mistakenly believe that the transaction is an agency 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 agency transactions (i.e. natural liquidity) over facilitation services. Citigroup Global Markets misrepresentations by referring to facilitation transactions as agency transactions or failing to inform customers of the participation of facilitation counters in transactions, thus avoiding competitors taking away the transactions.\" The SFC pointed out the interest logic behind the irregularities.</p><p>\"It is necessary to impose sanctions on Citigroup Global Market because it is far inferior to the standards that licensed intermediaries should meet. This also illustrates the SFC's zero-tolerance approach and its determination to eradicate misconduct by licensed intermediaries.\" The extent of Citigroup Global Market's deficiencies revealed the company's culture of advocating profit and ignoring the basic standard of honesty, said SFC Chief Executive Officer. Therefore, in the face of continuous commercial pressure to attract more business and increase the market share of Citigroup Global Markets, employees resorted to fraudulent tactics.</p><p>Over 10 years of systematic violations</p><p><b>The Hong Kong Securities and Futures Commission believes that the above misconduct is quite common among these counters and has lasted for more than 10 years, which reveals serious systemic failures in Citigroup Global Financial's monitoring framework and its first and second lines of defense as a whole.</b></p><p>In particular, prior to November 2018, Citigroup Global Markets did not identify and rectify the above violations by formulating any policies or controls, establishing adequate internal guidelines, providing training to traders, recording and monitoring the communication between agency counters and customer service counters.</p><p>\"Since at least 2014, Citigroup Global Markets has had several opportunities to identify and correct these deficiencies, 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>To sum up, the Hong Kong Securities and Futures Commission pointed out that the problems of Citigroup Global Finance mainly include:</p><p>First, it is dishonest and intentional to publish mislabeled subscription intentions, make misrepresentations about the source of liquidity when executing facilitated transactions, and remove the requirement of obtaining prior consent for facilitated transactions from Citigroup Global Market's internal guidelines;</p><p>Second, the misconduct lasted for more than 10 years and was not exposed until the China Securities Regulatory Commission's inspection in 2018;</p><p>Third, in order to achieve business growth, the senior management of Citigroup Global Markets turned a blind eye to misconduct and allowed these counters to adopt mislabeled subscription intentions and make misrepresentations;</p><p>Fourth, the compliance function of Citigroup Global Market did not properly perform its responsibilities.</p><p>\"One of the main concerns of the SFC is that the senior management of Citigroup Global Market has failed to ensure that appropriate standards of conduct and compliance with relevant regulatory requirements are maintained, as well as to understand, manage and monitor its business and risks. This misconduct is quite widespread and persists for more than 10 years, which reflects that the senior management of Citigroup Global Market has failed to properly discharge its management and supervision responsibilities,\" said Wei Jianxin, executive director of the enforcement department of the SFC.</p><p>It is worth mentioning that Citigroup Global Markets also made remedies after the incident:</p><p>First, disciplinary action was taken against employees involved in misconduct and they were immediately dismissed;</p><p>Secondly, take remedial steps and improvement measures to stop misconduct and deal with the regulatory concerns of the SFC;</p><p>Thirdly, Citigroup Global Markets has shown cooperation in resolving the concerns raised by the SFC, and accepted the investigation findings and disciplinary actions of the SFC.</p><p>Seek another domestic securities license</p><p>At the beginning of December 2021, Citigroup's plan to enter China's securities industry again finally came to an end.</p><p><b>According to the public information of the China Securities Regulatory Commission, the application materials for the establishment of Citi Securities (China) Co., Ltd. have been accepted on December 2, 2021, and the correction date will be 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 the second time that Citigroup has entered 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 Markets (Asia) Co., Ltd., we jointly invested in the establishment of a Sino-foreign joint venture securities firm-Orient Citi Securities, and undertook the original<a href=\"https://laohu8.com/S/03958\">Orient Securities</a>Investment banking.</p><p>However, in December 2019, Orient Securities announced in an announcement that it had acquired 33.3% equity of Orient Citigroup from Citigroup Asia, and Orient Citigroup has officially become a wholly-owned subsidiary of Orient Securities since then. In addition, media reported that Citigroup once wanted to increase its stake in Orient Citi Securities to 51%, but the relevant negotiations failed, so it considered withdrawing from Orient Citi Securities and setting up another holding securities company in China.</p><p>In April 2021, Citigroup told the Securities Times · Brokerage China reporter that a new chapter of development focusing on corporate institutional business is about to open in the Chinese market, and it will ensure that the interests of customers, employees and relevant stakeholders are protected. Strive to carry out personal business adjustments prudently and properly in a way that minimizes the impact.</p><p>\"In the transition to a new stage of development focusing on corporate institutional customer business, our top priority is to serve our customers well. Under the new development pattern of China's dual circulation, Citi will continue to help Chinese companies explore global markets 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 Citigroup China has obtained a series of business qualifications, including local fund custodian qualifications, the first batch of \"Bond Connect\" quotation agencies,<a href=\"https://laohu8.com/S/601988\">BANK OF CHINA</a>Inter-bank bond market bond underwriting qualifications and inter-bank bond market settlement agent qualifications, etc. It is also one of the two foreign banks in LPR (Loan Market Quoted 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 events are happening to international banks! Systematic violations for more than 10 years, severe regulatory penalties</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 events are happening to international banks! Systematic violations for more than 10 years, severe regulatory penalties\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 stall 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<a href=\"https://laohu8.com/S/C\">Citigroup</a>Global Markets Asia Limited (referred to as \"Citigroup Global Markets\") condemned it and imposed a fine of 348.25 million yuan. The reason is that the company has been allowing multiple trading counters under its spot stock business unit to issue mislabeled subscription intentions to institutional customers from 2008 to 2018, and make misrepresentations to these customers when executing convenient transactions.</b></p><p>The Hong Kong Securities and Futures Commission said that such widespread dishonesty would not have lasted if Citigroup Global Markets had not committed serious mistakes and deficiencies in internal control measures, compliance functions and management supervision. He also pointed out that the above deficiencies and misconduct can be attributed to the failure of some of its former senior managers to perform their supervisory duties, and disciplinary proceedings will be initiated against these people later.</p><p>It is understood that Citigroup Global Markets has taken remedial steps and improvement measures to correct and strengthen the internal control measures on subscription intentions and customer activities, including appointing an independent review body to review and verify its control framework. At the beginning of December 2021, the application for the establishment of Citi Securities (China) Co., Ltd. has been accepted by the China Securities Regulatory Commission, which means that Citi has officially entered the Chinese securities industry again.</p><p>Huge fine of 350 million</p><p><b>According to the announcement, the Hong Kong Securities and Futures Commission imposed a huge fine of 350 million yuan on Citigroup Global Markets this time, mainly because of the company's widespread dishonest behavior for 10 years (2008 to 2018).</b></p><p>Since at least 2008, the stock sales counters of Citigroup Global Markets have been issuing subscription intentions marked as \"natural\", \"in contact\" and/or \"P: 1\" to customers without genuine customer intention or without Citigroup Global Markets contact with specific customers (representing the expected risk-free nature of the transaction).</p><p>As a result, traders may not be able to find natural reverse liquidity after receiving customer enquiries, thus causing Citigroup Global Market's convenience service counters to intervene to provide liquidity. \"Citigroup Global Market's mislabeling of subscription intentions is not only contrary to the relevant industry guidelines it claims to have adopted, but also contrary to the basic principles of treating customers with sincerity and fairness,\" the SFC noted.</p><p>At the same time, the Hong Kong Securities and Futures Commission randomly inspected 174 facilitation transactions executed by different trading counters of Citigroup Global Markets between January 2014 and December 2018, and found that 127 of these transactions involved these counter traders/supervisors had the following problems:</p><p>First, providing false information to customers, or voluntarily concealing the nature of the principal of the relevant transaction;</p><p>Second, misleading statements are made, so that customers may mistakenly think that the relevant transactions are executed by agency; Or sometimes remain silent when the customer may mistakenly believe that the transaction is an agency 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 agency transactions (i.e. natural liquidity) over facilitation services. Citigroup Global Markets misrepresentations by referring to facilitation transactions as agency transactions or failing to inform customers of the participation of facilitation counters in transactions, thus avoiding competitors taking away the transactions.\" The SFC pointed out the interest logic behind the irregularities.</p><p>\"It is necessary to impose sanctions on Citigroup Global Market because it is far inferior to the standards that licensed intermediaries should meet. This also illustrates the SFC's zero-tolerance approach and its determination to eradicate misconduct by licensed intermediaries.\" The extent of Citigroup Global Market's deficiencies revealed the company's culture of advocating profit and ignoring the basic standard of honesty, said SFC Chief Executive Officer. Therefore, in the face of continuous commercial pressure to attract more business and increase the market share of Citigroup Global Markets, employees resorted to fraudulent tactics.</p><p>Over 10 years of systematic violations</p><p><b>The Hong Kong Securities and Futures Commission believes that the above misconduct is quite common among these counters and has lasted for more than 10 years, which reveals serious systemic failures in Citigroup Global Financial's monitoring framework and its first and second lines of defense as a whole.</b></p><p>In particular, prior to November 2018, Citigroup Global Markets did not identify and rectify the above violations by formulating any policies or controls, establishing adequate internal guidelines, providing training to traders, recording and monitoring the communication between agency counters and customer service counters.</p><p>\"Since at least 2014, Citigroup Global Markets has had several opportunities to identify and correct these deficiencies, 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>To sum up, the Hong Kong Securities and Futures Commission pointed out that the problems of Citigroup Global Finance mainly include:</p><p>First, it is dishonest and intentional to publish mislabeled subscription intentions, make misrepresentations about the source of liquidity when executing facilitated transactions, and remove the requirement of obtaining prior consent for facilitated transactions from Citigroup Global Market's internal guidelines;</p><p>Second, the misconduct lasted for more than 10 years and was not exposed until the China Securities Regulatory Commission's inspection in 2018;</p><p>Third, in order to achieve business growth, the senior management of Citigroup Global Markets turned a blind eye to misconduct and allowed these counters to adopt mislabeled subscription intentions and make misrepresentations;</p><p>Fourth, the compliance function of Citigroup Global Market did not properly perform its responsibilities.</p><p>\"One of the main concerns of the SFC is that the senior management of Citigroup Global Market has failed to ensure that appropriate standards of conduct and compliance with relevant regulatory requirements are maintained, as well as to understand, manage and monitor its business and risks. This misconduct is quite widespread and persists for more than 10 years, which reflects that the senior management of Citigroup Global Market has failed to properly discharge its management and supervision responsibilities,\" said Wei Jianxin, executive director of the enforcement department of the SFC.</p><p>It is worth mentioning that Citigroup Global Markets also made remedies after the incident:</p><p>First, disciplinary action was taken against employees involved in misconduct and they were immediately dismissed;</p><p>Secondly, take remedial steps and improvement measures to stop misconduct and deal with the regulatory concerns of the SFC;</p><p>Thirdly, Citigroup Global Markets has shown cooperation in resolving the concerns raised by the SFC, and accepted the investigation findings and disciplinary actions of the SFC.</p><p>Seek another domestic securities license</p><p>At the beginning of December 2021, Citigroup's plan to enter China's securities industry again finally came to an end.</p><p><b>According to the public information of the China Securities Regulatory Commission, the application materials for the establishment of Citi Securities (China) Co., Ltd. have been accepted on December 2, 2021, and the correction date will be 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 the second time that Citigroup has entered 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 Markets (Asia) Co., Ltd., we jointly invested in the establishment of a Sino-foreign joint venture securities firm-Orient Citi Securities, and undertook the original<a href=\"https://laohu8.com/S/03958\">Orient Securities</a>Investment banking.</p><p>However, in December 2019, Orient Securities announced in an announcement that it had acquired 33.3% equity of Orient Citigroup from Citigroup Asia, and Orient Citigroup has officially become a wholly-owned subsidiary of Orient Securities since then. In addition, media reported that Citigroup once wanted to increase its stake in Orient Citi Securities to 51%, but the relevant negotiations failed, so it considered withdrawing from Orient Citi Securities and setting up another holding securities company in China.</p><p>In April 2021, Citigroup told the Securities Times · Brokerage China reporter that a new chapter of development focusing on corporate institutional business is about to open in the Chinese market, and it will ensure that the interests of customers, employees and relevant stakeholders are protected. Strive to carry out personal business adjustments prudently and properly in a way that minimizes the impact.</p><p>\"In the transition to a new stage of development focusing on corporate institutional customer business, our top priority is to serve our customers well. Under the new development pattern of China's dual circulation, Citi will continue to help Chinese companies explore global markets 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 Citigroup China has obtained a series of business qualifications, including local fund custodian qualifications, the first batch of \"Bond Connect\" quotation agencies,<a href=\"https://laohu8.com/S/601988\">BANK OF CHINA</a>Inter-bank bond market bond underwriting qualifications and inter-bank bond market settlement agent qualifications, etc. It is also one of the two foreign banks in LPR (Loan Market Quoted 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":{"BK4504":"桥水持仓","BK4207":"综合性银行","BK4566":"资本集团","C":"花旗","BK4534":"瑞士信贷持仓"},"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 (贷款市场报价利率) 报价行中两家外资行之一。","news_type":1,"symbols_score_info":{"C":0.9}},"isVote":1,"tweetType":1,"viewCount":1225,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9923305102,"gmtCreate":1670798163907,"gmtModify":1676538433445,"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":"<a href=\"https://ttm.financial/S/03690\">$美团-W(03690)$&nbsp;</a><v-v data-views=\"0\"></v-v>","listText":"<a href=\"https://ttm.financial/S/03690\">$美团-W(03690)$&nbsp;</a><v-v data-views=\"0\"></v-v>","text":"$美团-W(03690)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9923305102","isVote":1,"tweetType":1,"viewCount":3391,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9966008817,"gmtCreate":1669339532639,"gmtModify":1676538185091,"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":"<a href=\"https://ttm.financial/S/02318\">$中国平安(02318)$&nbsp;</a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://ttm.financial/S/02318\">$中国平安(02318)$&nbsp;</a><v-v data-views=\"1\"></v-v>","text":"$中国平安(02318)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9966008817","isVote":1,"tweetType":1,"viewCount":2710,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9968267025,"gmtCreate":1669246756467,"gmtModify":1676538171959,"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":"<a href=\"https://ttm.financial/S/02318\">$中国平安(02318)$&nbsp;</a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://ttm.financial/S/02318\">$中国平安(02318)$&nbsp;</a><v-v data-views=\"1\"></v-v>","text":"$中国平安(02318)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9968267025","isVote":1,"tweetType":1,"viewCount":2566,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9968687396,"gmtCreate":1669212023216,"gmtModify":1676538167809,"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":"<a href=\"https://ttm.financial/S/01024\">$快手-W(01024)$&nbsp;</a><v-v data-views=\"0\"></v-v>","listText":"<a href=\"https://ttm.financial/S/01024\">$快手-W(01024)$&nbsp;</a><v-v data-views=\"0\"></v-v>","text":"$快手-W(01024)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9968687396","isVote":1,"tweetType":1,"viewCount":3341,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}