LME Fines Japan's Mizuho for Rules Breach
The London Metal Exchange (LME) has fined Mizuho Securities USA, a unit of Japanese financial group Mizuho, £265,000 ($356,000) for a breach of rules.
Mizuho Securities failed to report the over-the-counter positions of two of its affiliates between September 5, 2022, and December 20, 2024, according to the LME.
Exchange rules require members to report information about the OTC metals business of their clients, affiliates or themselves to the LME on a weekly basis.
The failure to submit the reportable OTC positions was due to "a gap in its internal system and controls", breaching its obligations to establish and maintain appropriate and adequate risk management systems.
Mizuho has since carried out remedial action, the LME said.
Author's summary: LME fines Mizuho £265,000 for rules breach.
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