Dutch HFT firm slapped with Hong Kong fine

Tim Cave from Financial News reported this morning that IMC, the Amsterdam-based high-frequency trading firm, has been fined by Hong Kong’s financial regulator, just a month after it decided to close down its operations in the region.

, known as the SFC, fined IMC Asia Pacific HK$1.5m (€155,000) for what it termed “regulatory breaches and internal control failings”, it said in a statement this week.

The SFC’s investigation, which focused on IMC’s trading activity between May 2007 and July 2010, centred around IMC’s use of order flags for short selling activity.

The regulator said that the firm had “inputted the wrong short selling indicators…for about 34% of sale orders”, had “failed to report short selling input errors to Hong Kong Exchange and Clearing” and “failed to implement adequate internal control procedures to detect and prevent the misuse of short selling indicators by traders.”

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