TOKYO—Japan’s financial watchdog recommended a fine of $1.2 million for a unit of Citigroup Inc. for alleged manipulation of the futures market for Japanese government bonds. The Securities and Exchange Surveillance Commission said Tuesday that a trader at London-based Citigroup Global Markets Ltd. placed large volumes of buy and sell orders for JGB futures in October with no intention of executing them. The trader sought to create the impression of greater market activity to entice other investors, according to the commission.

Source: Wall Street Journal March 26, 2019 08:26 UTC