In mid March, the statements appeared in a sequence on the Hong Kong Securities and Futures Commission’s website. “SFC reprimands and fines Merrill Lynch Far East Limited $128 million for sponsor failures.” “SFC reprimands and fines Morgan Stanley Asia Limited $224 million for sponsor failures.” Standard Chartered Securities: $59.7 million. UBS: $375 million. Not a significant sum, you think, but enough to send a message. And then you realize they’re talking in Hong Kong dollars.
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