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HK SFC Reprimands and Fines Interactive Brokers HK$4.5 Million for Causing Market Disruption
The Securities and Futures Commission (SFC) has reprimanded and fined Interactive Brokers (IBHK) in Hong Kong HK$4.5 million ($580K) for causing the share prices of Hong Kong-listed O-Net Communications (Group) Limited and AAG Energy Holdings Limited to surged by 48.7% and 126% in less than two minutes in 2015 and 2016, respectively.
“ Interactive Brokers Hong Kong fined HK$4.5 million for Causing Share Prices to Surge “
The reprimand and fine was imposed after Interactive Brokers resolved concerns over IBHK’s breaches of the Code of Conduct in its execution of market orders using electronic and algorithmic trading systems. SFC and IBHK had jointly engaged an independent reviewer to review IBHK operations, and has implemented controls to monitor and prevent the generation of or passing to the market for execution order instructions which may interfere with the operation of a fair and orderly market.
The review found that IBHK had executed market orders by placing the entire order volume, resubmitting the unfulfilled order at the next available price, until the entire order was completed. IBHK had not taken into account the liquidity of the market when executing the market orders.
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INHK electronic trading system was developed by its head office in the United States, where its programming function was responsible for both development and quality assurance of the system. The technical design documents of the systems were high level and did not provide a detailed explanation of the components of the trading systems.
IBHK had co-operated fully in resolving the SFC’s regulatory concerns, and the failures rectified within 12 months
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