A programming glitch at Credit Suisse in Hong Kong led to the release of misleading market-making quotes. The regulator fined the bank for the mistake, the second fine issued against the Swiss bank in as many years.
SFC, the Hong Kong stock exchange regulator, has fined Credit Suisse HK$2.1 million (about 240,000 Swiss francs) for providing erroneous quotes in February of 2019, according to a report by «The Standard», a local newspaper.
The misleading market-making quotes resulted in the execution of some 8,000 stock option trades at the wrong prices. The mistake occurred due to a programming glitch that Credit Suisse didn’t immediately recognize.
The Swiss bank in June 2019 received a fine of HK$2.8 million from the SFC due to misleading research reports on securities listed in Hong Kong.
