日本券商泄密 不为获利为讨好客户

A Japanese regulatory crackdown on insider trading suggests that stockbrokers here have leaked confidential information more as a service to good clients than for direct profit.

日本监管机构对国内内幕交易的一场打击活动表明，日本的股票经纪人泄露机密信息更多是为了服务优质客户，而不是为直接获利。

Financial regulators are examining emails and other records provided by a dozen major brokers-including the Japan arms of Wall Street banks-to check whether they leaked advance information of share offerings, allowing favored clients to profit before the formal announcement.

日本金融监管机构目前正在对12家主要券商(包括华尔街投行的日本分支机构)提供的电子邮件和其它记录展开调查，以确定它们是否提前泄露了招股信息，从而让被关照的客户有机会在消息正式发布前获利。

Regulators this year have publicly identified five cases where they found such behavior. Japan's two largest brokers, Nomura Holdings Inc. +1.43% and Daiwa Securities Group Inc., +0.66% have admitted that employees were responsible for leaks, and Nomura's top executives stepped down to take responsibility. Nomura salespeople likely leaked information in several more cases, the broker and regulators said, but the investigation has ended on a lack of evidence that anyone profited.

日本监管机构今年公开确认了五桩他们认为存在泄密行为的内幕交易案。日本两家规模最大的券商野村控股(Nomura Holdings Inc.)和大和证券(Daiwa Securities Group Inc.)已承认，其员工应为泄密行为负责，野村已有多名高管引咎辞职。野村和日本监管方说，野村的销售人员可能在其它几个案子中也泄露了信息，但由于缺乏有任何人获利的证据，所以调查已经结束。

Overall, the five cases have resulted in modest fines for the investors involved and a business-improvement order-a relatively light sanction-for Nomura, which was involved in three of the cases.

这五个案子最终都对涉案投资者处以了适度罚款，野村也被勒令改进自身业务(这是个较轻的制裁)。这五个案子中有三个都涉及野村。

The backdrop to the Japanese investigation is far different than that of the U.S., where 66 traders, analysts and corporate executives have been convicted or pleaded guilty to insider trading in the past three years. In the U.S., many of the defendants were found to have generated significant sums of illicit profit. The Japan cases have involved largely lower-level employees, often salespeople, who appear to have used the inside data to curry favor with top clients, rather than to directly enrich themselves or their firms.

日本此次调查内幕交易的背景与美国的调查背景大不相同。过去三年，美国有交易员、分析师和公司高管总计66人因内幕交易被定罪或认罪。在美国，很多内幕交易案的被告都被发现通过内幕交易创造了大量非法利得。日本内幕交易案牵涉的大多是较低层员工(常为销售员)，这些员工似乎都是利用内部数据来与高端客户套近乎，而不是直接为自己或所属公司谋私利。

Interviews with more than 30 brokers, institutional investors, hedge funds, regulators, legislators and lawyers suggest an environment in which securities salespeople regularly fed customers gossip and analysis, mixed with scraps of confidential information, in return for business.

记者对日本30多名经纪人、机构投资者、对冲基金、监管者、议员和律师进行采访后发现，日本存在这样一种风气，即证券销售人员经常通过向客户爆料来换取业务，其中不乏一些机密信息。

Market players say the pursuit and offer of market-moving information was allowed to spread partly because of widespread ignorance among brokers and investors on just what insider information is and the lack of penalties to punish leakers. Unlike in the U.S., Japanese insider-trading laws apply only to those who directly profit from nonpublic information, not those who leak it. Regulators can impose a sanction on brokers for lax controls, as happened with Nomura.

市场参与者说，以前之所以允许人们寻求并提供影响市场走势的信息，部分原因一是经纪人和投资者对于内幕交易的定义普遍都不了解，二是日本对泄密者缺乏惩处措施。跟美国不一样，日本内幕交易法仅适用于那些直接从非公开信息中获利的人，而不适用于泄密的人。监管者可对券商管制松懈施以制裁，野村即是一例。

'It seems to have become common practice for securities companies to leak information as part of their business model,' said Tsutomu Okubo, an influential legislator and former Japan managing director of a major U.S. brokerage who is leading a push to tighten insider-trading laws through, for example, establishing penalties for those who leak.

大久保勉(Tsutomu Okubo)是日本一位有影响力的议员，他曾担任过美国某大型经纪公司日本业务的董事总经理。他说，对于证券公司而言，泄密似乎是其业务模式的组成部分，已经成了家常便饭的事。大久保勉目前正在领导一场使日本内幕交易法更为严格的运动，而其中一个具体措施就是制定对泄密者的处罚措施。