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BULLETIN: FSA Imposes Sanctions on Nikko Salomon Smith Barney Mar 03
Standard & Poors, March 2003
Abstract
TOKYO (Standard & Poor's) March 20, 2003--Standard & Poor's Ratings Services said today that its rating on Nikko Cordial Securities Inc. (BBB/Negative/A-3) would not be affected by punitive actions against Nikko Salomon Smith Barney Ltd. (NSSB) Tokyo Branch for securities transactions 'intended to create artificial market prices which do not reflect the actual status of the market'. The sanctions against NSSB will not have a significant impact on Nikko Cordial Securities' profits. However, the imposition of sanctions could strain customer relations, which would impair Nikko Cordial Securities' asset-gathering strategy in the long term. On March 18, 2003, based on an inspection conducted by the Securities and Exchange Surveillance Commission, the Financial Services Agency (FSA) issued a 20-day suspension on NSSB's...
Companies mentioned in this report are: Citigroup Overseas Holdings Inc.,Nikko Cordial Corp.
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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