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The curse of selling in May appears, when will U.S. stocks fall?

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18:17","market":"us","language":"zh","title":"The curse of selling in May appears, when will U.S. stocks fall?","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 unique and seven turned over. I believe that the majority of A-share investors have heard this stock market proverb.</p><p>The spring over the years 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 experience periodic corrections to digest the valuation bubbles during the \"spring agitation\" rise, and this correction is often particularly intense before the end of each six months. After the end of half a year, the market has entered the semi-annual report disclosure cycle, and the off-market active funds that had previously left the market during the adjustment process are likely to launch a wave of \"seven turns\" rising market with the help of the expectation of semi-annual report growth. Such a cycle constitutes the saying that \"five poor, six absolute and seven turning over\".</p><p>There is also a similar proverb on Wall Street, called \"Sell in May and go away\". Meaning to sell in May and leave the stock market. \"May Curse\" was first published in the Financial Times on May 10, 1935, and has been published ever since<a href=\"https://laohu8.com/S/JRJC\">The financial world</a>Widely circulated. Although it seems metaphysical, according to historical statistics, the holding rate of return from November to April of the following year is significantly greater than the holding rate of return from May to October. The recent turmoil in the stock market indicates that the \"May curse\" may be staged again.</p><p><b>Stock Market Tumbles</b></p><p>Since the beginning of this year, only six of the world's 40 major stock indexes have risen, including<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>Index and Brazil's BOVESPA index have almost negligible gains, and the remaining 34 major stock indexes are all falling. The biggest decline was undoubtedly the Russian stock market, which was deeply involved in the conflict between Russia and Ukraine, with a decline of more than 30%, ranking first in the world. This was followed by the Shenzhen Component Index, which fell by 27.77%, and the Nasdaq Composite Index, which fell by 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>Since April, U.S. stocks have suddenly accelerated their decline. The Nasdaq Composite Index fell 13.26% in April, and the decline continued into May. Last Friday, it hit its lowest closing level since 2020. The longest weekly decline; The U.S. Standard & Poor's 500 Index fell 8.8% in April and has 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 a rate hike of 50 basis points to a range of 0.75%-1.00%. This is the first sharp rate hike of 50 basis points since 2000, but it is not radical compared with the market's expectation of a rate hike of 75 basis points; At the same time, it announced that shrinking balance sheet will begin at a monthly pace of US $47.5 billion on June 1, and gradually increase the shrinking balance sheet ceiling to US $95 billion per month within three months, which is also far from the market's expectations for shrinking balance sheet.</p><p>Federal Reserve Chairman Jerome Powell said at the press conference after the meeting that a 75 basis point rate hike range is not worth considering. 50 basis points in rate hike is an option in the next few meetings, and it may be 25 basis points in rate hike after 50 basis points in rate hike. The FOMC estimates the neutral rate to be between 2% and 3%.</p><p>The actions of the Federal Reserve and Powell's speech dispelled expectations of aggressive tightening in the market, and U.S. stocks rose sharply that day. But just one day later, expectations for aggressive rate hike in the market rekindled, and U.S. stocks plummeted.</p><p>Judging from the sharp rise and fall of U.S. stocks, the market's panic about the aggressive rate hike of the Federal Reserve still exists. According to Investing.com's interest rate observer, the probability of the Fed making a 75 basis point rate hike in June reached 82.9%.</p><p><img src=\"https://static.tigerbbs.com/5c31b01f7b991072adcb80ed6f24bdfa\" tg-width=\"1080\" tg-height=\"1125\" referrerpolicy=\"no-referrer\"/></p><p>Federal Reserve Rate Observer, Source: Investing.com</p><p>The primary culprit of this round of U.S. stock plunge is the Federal Reserve's tightening policy. Since turning hawkish last year, the Federal Reserve has ended stimulus measures and conducted two consecutive rate hike. The rate hike has increased from 25 basis points to 50 basis points, and does not rule out future rate hike of 75 basis points, and has launched plans to reduce its balance sheet. Regardless of what the Fed says, expectation management aside, the actual actions of the Fed are increasingly aggressive.</p><p>This is inseparable from the out-of-control 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 usher in a respite; If inflation continues to be high, the curse will be played out again in May.</p><p>In addition, the risk of a recession in the US economy is also increasing. The gross domestic product (GDP) of the United States unexpectedly shrank by 1.4% in the first quarter of this year. Previously, the yield was once upside down, which also hidden a crisis for the stock market.</p><p><b>The selling strategy in May may be more effective for A shares</b></p><p>Since the U.S. stock market has been in a bull market for more than ten years, although the performance of the stock market in summer is not as good as that in spring most of the time, the continued bull market in U.S. stocks will cause investors to miss some gains, resulting in a decline in overall returns. 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 rate of return will drop from 8.78% to 6.98%. In other words, although this strategy reduces the overall pullback/retracement, the absolute returns are also pulled down.</p><p>Compared with U.S. stocks, the selling strategy in May has a more obvious effect on A-shares that tend to be volatile. 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 a bull market, the strategy of selling in May may not be ideal. But at the moment of crisis, temporary departure will be the safest choice. Perhaps after the Federal Reserve's aggressive rate hike was suspended in June and July, U.S. stocks may usher in a window of opportunity when the negative news is exhausted.</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>The curse of selling in May appears, when will U.S. stocks fall?</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\">\nThe curse of selling in May appears, when will U.S. stocks fall?\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 unique and seven turned over. I believe that the majority of A-share investors have heard this stock market proverb.</p><p>The spring over the years 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 experience periodic corrections to digest the valuation bubbles during the \"spring agitation\" rise, and this correction is often particularly intense before the end of each six months. After the end of half a year, the market has entered the semi-annual report disclosure cycle, and the off-market active funds that had previously left the market during the adjustment process are likely to launch a wave of \"seven turns\" rising market with the help of the expectation of semi-annual report growth. Such a cycle constitutes the saying that \"five poor, six absolute and seven turning over\".</p><p>There is also a similar proverb on Wall Street, called \"Sell in May and go away\". Meaning to sell in May and leave the stock market. \"May Curse\" was first published in the Financial Times on May 10, 1935, and has been published ever since<a href=\"https://laohu8.com/S/JRJC\">The financial world</a>Widely circulated. Although it seems metaphysical, according to historical statistics, the holding rate of return from November to April of the following year is significantly greater than the holding rate of return from May to October. The recent turmoil in the stock market indicates that the \"May curse\" may be staged again.</p><p><b>Stock Market Tumbles</b></p><p>Since the beginning of this year, only six of the world's 40 major stock indexes have risen, including<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>Index and Brazil's BOVESPA index have almost negligible gains, and the remaining 34 major stock indexes are all falling. The biggest decline was undoubtedly the Russian stock market, which was deeply involved in the conflict between Russia and Ukraine, with a decline of more than 30%, ranking first in the world. This was followed by the Shenzhen Component Index, which fell by 27.77%, and the Nasdaq Composite Index, which fell by 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>Since April, U.S. stocks have suddenly accelerated their decline. The Nasdaq Composite Index fell 13.26% in April, and the decline continued into May. Last Friday, it hit its lowest closing level since 2020. The longest weekly decline; The U.S. Standard & Poor's 500 Index fell 8.8% in April and has 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 a rate hike of 50 basis points to a range of 0.75%-1.00%. This is the first sharp rate hike of 50 basis points since 2000, but it is not radical compared with the market's expectation of a rate hike of 75 basis points; At the same time, it announced that shrinking balance sheet will begin at a monthly pace of US $47.5 billion on June 1, and gradually increase the shrinking balance sheet ceiling to US $95 billion per month within three months, which is also far from the market's expectations for shrinking balance sheet.</p><p>Federal Reserve Chairman Jerome Powell said at the press conference after the meeting that a 75 basis point rate hike range is not worth considering. 50 basis points in rate hike is an option in the next few meetings, and it may be 25 basis points in rate hike after 50 basis points in rate hike. The FOMC estimates the neutral rate to be between 2% and 3%.</p><p>The actions of the Federal Reserve and Powell's speech dispelled expectations of aggressive tightening in the market, and U.S. stocks rose sharply that day. But just one day later, expectations for aggressive rate hike in the market rekindled, and U.S. stocks plummeted.</p><p>Judging from the sharp rise and fall of U.S. stocks, the market's panic about the aggressive rate hike of the Federal Reserve still exists. According to Investing.com's interest rate observer, the probability of the Fed making a 75 basis point rate hike in June reached 82.9%.</p><p><img src=\"https://static.tigerbbs.com/5c31b01f7b991072adcb80ed6f24bdfa\" tg-width=\"1080\" tg-height=\"1125\" referrerpolicy=\"no-referrer\"/></p><p>Federal Reserve Rate Observer, Source: Investing.com</p><p>The primary culprit of this round of U.S. stock plunge is the Federal Reserve's tightening policy. Since turning hawkish last year, the Federal Reserve has ended stimulus measures and conducted two consecutive rate hike. The rate hike has increased from 25 basis points to 50 basis points, and does not rule out future rate hike of 75 basis points, and has launched plans to reduce its balance sheet. Regardless of what the Fed says, expectation management aside, the actual actions of the Fed are increasingly aggressive.</p><p>This is inseparable from the out-of-control 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 usher in a respite; If inflation continues to be high, the curse will be played out again in May.</p><p>In addition, the risk of a recession in the US economy is also increasing. The gross domestic product (GDP) of the United States unexpectedly shrank by 1.4% in the first quarter of this year. Previously, the yield was once upside down, which also hidden a crisis for the stock market.</p><p><b>The selling strategy in May may be more effective for A shares</b></p><p>Since the U.S. stock market has been in a bull market for more than ten years, although the performance of the stock market in summer is not as good as that in spring most of the time, the continued bull market in U.S. stocks will cause investors to miss some gains, resulting in a decline in overall returns. 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 rate of return will drop from 8.78% to 6.98%. In other words, although this strategy reduces the overall pullback/retracement, the absolute returns are also pulled down.</p><p>Compared with U.S. stocks, the selling strategy in May has a more obvious effect on A-shares that tend to be volatile. 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 a bull market, the strategy of selling in May may not be ideal. But at the moment of crisis, temporary departure will be the safest choice. Perhaps after the Federal Reserve's aggressive rate hike was suspended in June and July, U.S. stocks may usher in a window of opportunity when the negative news is exhausted.</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":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".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,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1306,"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 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 Aldry. 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 Aldry. 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":{"BK4534":"瑞士信贷持仓","C":"花旗","BK4504":"桥水持仓","BK4207":"综合性银行","BK4566":"资本集团"},"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":"The curse of selling in May appears, when will U.S. stocks fall?","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 unique and seven turned over. I believe that the majority of A-share investors have heard this stock market proverb.</p><p>The spring over the years 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 experience periodic corrections to digest the valuation bubbles during the \"spring agitation\" rise, and this correction is often particularly intense before the end of each six months. After the end of half a year, the market has entered the semi-annual report disclosure cycle, and the off-market active funds that had previously left the market during the adjustment process are likely to launch a wave of \"seven turns\" rising market with the help of the expectation of semi-annual report growth. Such a cycle constitutes the saying that \"five poor, six absolute and seven turning over\".</p><p>There is also a similar proverb on Wall Street, called \"Sell in May and go away\". Meaning to sell in May and leave the stock market. \"May Curse\" was first published in the Financial Times on May 10, 1935, and has been published ever since<a href=\"https://laohu8.com/S/JRJC\">The financial world</a>Widely circulated. Although it seems metaphysical, according to historical statistics, the holding rate of return from November to April of the following year is significantly greater than the holding rate of return from May to October. The recent turmoil in the stock market indicates that the \"May curse\" may be staged again.</p><p><b>Stock Market Tumbles</b></p><p>Since the beginning of this year, only six of the world's 40 major stock indexes have risen, including<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>Index and Brazil's BOVESPA index have almost negligible gains, and the remaining 34 major stock indexes are all falling. The biggest decline was undoubtedly the Russian stock market, which was deeply involved in the conflict between Russia and Ukraine, with a decline of more than 30%, ranking first in the world. This was followed by the Shenzhen Component Index, which fell by 27.77%, and the Nasdaq Composite Index, which fell by 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>Since April, U.S. stocks have suddenly accelerated their decline. The Nasdaq Composite Index fell 13.26% in April, and the decline continued into May. Last Friday, it hit its lowest closing level since 2020. The longest weekly decline; The U.S. Standard & Poor's 500 Index fell 8.8% in April and has 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 a rate hike of 50 basis points to a range of 0.75%-1.00%. This is the first sharp rate hike of 50 basis points since 2000, but it is not radical compared with the market's expectation of a rate hike of 75 basis points; At the same time, it announced that shrinking balance sheet will begin at a monthly pace of US $47.5 billion on June 1, and gradually increase the shrinking balance sheet ceiling to US $95 billion per month within three months, which is also far from the market's expectations for shrinking balance sheet.</p><p>Federal Reserve Chairman Jerome Powell said at the press conference after the meeting that a 75 basis point rate hike range is not worth considering. 50 basis points in rate hike is an option in the next few meetings, and it may be 25 basis points in rate hike after 50 basis points in rate hike. The FOMC estimates the neutral rate to be between 2% and 3%.</p><p>The actions of the Federal Reserve and Powell's speech dispelled expectations of aggressive tightening in the market, and U.S. stocks rose sharply that day. But just one day later, expectations for aggressive rate hike in the market rekindled, and U.S. stocks plummeted.</p><p>Judging from the sharp rise and fall of U.S. stocks, the market's panic about the aggressive rate hike of the Federal Reserve still exists. According to Investing.com's interest rate observer, the probability of the Fed making a 75 basis point rate hike in June reached 82.9%.</p><p><img src=\"https://static.tigerbbs.com/5c31b01f7b991072adcb80ed6f24bdfa\" tg-width=\"1080\" tg-height=\"1125\" referrerpolicy=\"no-referrer\"/></p><p>Federal Reserve Rate Observer, Source: Investing.com</p><p>The primary culprit of this round of U.S. stock plunge is the Federal Reserve's tightening policy. Since turning hawkish last year, the Federal Reserve has ended stimulus measures and conducted two consecutive rate hike. The rate hike has increased from 25 basis points to 50 basis points, and does not rule out future rate hike of 75 basis points, and has launched plans to reduce its balance sheet. Regardless of what the Fed says, expectation management aside, the actual actions of the Fed are increasingly aggressive.</p><p>This is inseparable from the out-of-control 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 usher in a respite; If inflation continues to be high, the curse will be played out again in May.</p><p>In addition, the risk of a recession in the US economy is also increasing. The gross domestic product (GDP) of the United States unexpectedly shrank by 1.4% in the first quarter of this year. Previously, the yield was once upside down, which also hidden a crisis for the stock market.</p><p><b>The selling strategy in May may be more effective for A shares</b></p><p>Since the U.S. stock market has been in a bull market for more than ten years, although the performance of the stock market in summer is not as good as that in spring most of the time, the continued bull market in U.S. stocks will cause investors to miss some gains, resulting in a decline in overall returns. 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 rate of return will drop from 8.78% to 6.98%. In other words, although this strategy reduces the overall pullback/retracement, the absolute returns are also pulled down.</p><p>Compared with U.S. stocks, the selling strategy in May has a more obvious effect on A-shares that tend to be volatile. 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 a bull market, the strategy of selling in May may not be ideal. But at the moment of crisis, temporary departure will be the safest choice. Perhaps after the Federal Reserve's aggressive rate hike was suspended in June and July, U.S. stocks may usher in a window of opportunity when the negative news is exhausted.</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>The curse of selling in May appears, when will U.S. stocks fall?</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\">\nThe curse of selling in May appears, when will U.S. stocks fall?\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 unique and seven turned over. I believe that the majority of A-share investors have heard this stock market proverb.</p><p>The spring over the years 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 experience periodic corrections to digest the valuation bubbles during the \"spring agitation\" rise, and this correction is often particularly intense before the end of each six months. After the end of half a year, the market has entered the semi-annual report disclosure cycle, and the off-market active funds that had previously left the market during the adjustment process are likely to launch a wave of \"seven turns\" rising market with the help of the expectation of semi-annual report growth. Such a cycle constitutes the saying that \"five poor, six absolute and seven turning over\".</p><p>There is also a similar proverb on Wall Street, called \"Sell in May and go away\". Meaning to sell in May and leave the stock market. \"May Curse\" was first published in the Financial Times on May 10, 1935, and has been published ever since<a href=\"https://laohu8.com/S/JRJC\">The financial world</a>Widely circulated. Although it seems metaphysical, according to historical statistics, the holding rate of return from November to April of the following year is significantly greater than the holding rate of return from May to October. The recent turmoil in the stock market indicates that the \"May curse\" may be staged again.</p><p><b>Stock Market Tumbles</b></p><p>Since the beginning of this year, only six of the world's 40 major stock indexes have risen, including<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>Index and Brazil's BOVESPA index have almost negligible gains, and the remaining 34 major stock indexes are all falling. The biggest decline was undoubtedly the Russian stock market, which was deeply involved in the conflict between Russia and Ukraine, with a decline of more than 30%, ranking first in the world. This was followed by the Shenzhen Component Index, which fell by 27.77%, and the Nasdaq Composite Index, which fell by 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>Since April, U.S. stocks have suddenly accelerated their decline. The Nasdaq Composite Index fell 13.26% in April, and the decline continued into May. Last Friday, it hit its lowest closing level since 2020. The longest weekly decline; The U.S. Standard & Poor's 500 Index fell 8.8% in April and has 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 a rate hike of 50 basis points to a range of 0.75%-1.00%. This is the first sharp rate hike of 50 basis points since 2000, but it is not radical compared with the market's expectation of a rate hike of 75 basis points; At the same time, it announced that shrinking balance sheet will begin at a monthly pace of US $47.5 billion on June 1, and gradually increase the shrinking balance sheet ceiling to US $95 billion per month within three months, which is also far from the market's expectations for shrinking balance sheet.</p><p>Federal Reserve Chairman Jerome Powell said at the press conference after the meeting that a 75 basis point rate hike range is not worth considering. 50 basis points in rate hike is an option in the next few meetings, and it may be 25 basis points in rate hike after 50 basis points in rate hike. The FOMC estimates the neutral rate to be between 2% and 3%.</p><p>The actions of the Federal Reserve and Powell's speech dispelled expectations of aggressive tightening in the market, and U.S. stocks rose sharply that day. But just one day later, expectations for aggressive rate hike in the market rekindled, and U.S. stocks plummeted.</p><p>Judging from the sharp rise and fall of U.S. stocks, the market's panic about the aggressive rate hike of the Federal Reserve still exists. According to Investing.com's interest rate observer, the probability of the Fed making a 75 basis point rate hike in June reached 82.9%.</p><p><img src=\"https://static.tigerbbs.com/5c31b01f7b991072adcb80ed6f24bdfa\" tg-width=\"1080\" tg-height=\"1125\" referrerpolicy=\"no-referrer\"/></p><p>Federal Reserve Rate Observer, Source: Investing.com</p><p>The primary culprit of this round of U.S. stock plunge is the Federal Reserve's tightening policy. Since turning hawkish last year, the Federal Reserve has ended stimulus measures and conducted two consecutive rate hike. The rate hike has increased from 25 basis points to 50 basis points, and does not rule out future rate hike of 75 basis points, and has launched plans to reduce its balance sheet. Regardless of what the Fed says, expectation management aside, the actual actions of the Fed are increasingly aggressive.</p><p>This is inseparable from the out-of-control 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 usher in a respite; If inflation continues to be high, the curse will be played out again in May.</p><p>In addition, the risk of a recession in the US economy is also increasing. The gross domestic product (GDP) of the United States unexpectedly shrank by 1.4% in the first quarter of this year. Previously, the yield was once upside down, which also hidden a crisis for the stock market.</p><p><b>The selling strategy in May may be more effective for A shares</b></p><p>Since the U.S. stock market has been in a bull market for more than ten years, although the performance of the stock market in summer is not as good as that in spring most of the time, the continued bull market in U.S. stocks will cause investors to miss some gains, resulting in a decline in overall returns. 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 rate of return will drop from 8.78% to 6.98%. In other words, although this strategy reduces the overall pullback/retracement, the absolute returns are also pulled down.</p><p>Compared with U.S. stocks, the selling strategy in May has a more obvious effect on A-shares that tend to be volatile. 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 a bull market, the strategy of selling in May may not be ideal. But at the moment of crisis, temporary departure will be the safest choice. Perhaps after the Federal Reserve's aggressive rate hike was suspended in June and July, U.S. stocks may usher in a window of opportunity when the negative news is exhausted.</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":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".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,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1306,"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 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 Aldry. 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 Aldry. 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":{"BK4534":"瑞士信贷持仓","C":"花旗","BK4504":"桥水持仓","BK4207":"综合性银行","BK4566":"资本集团"},"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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