社説：内部者情報取引 徹底解明で信頼回復を

株価が一日に１００円以上下がるにはそれなりの訳があったのですね。
いかさまギャンブルに相当するあくどい行為だと断じます。

スラチャイ

(Mainichi Japan) March 23, 2012
Editorial: Regain financial market confidence through strict investigations, amended laws
社説：内部者情報取引　徹底解明で信頼回復を

Japan's Securities and Exchange Surveillance Commission (SESC) recommended that the Financial Services Agency fine Chuo Mitsui Asset Trust and Banking Co. for violating the Financial Instruments and Exchange Law. 　証券取引等監視委員会が、金融商品取引法違反（インサイダー取引）の疑いで中央三井アセット信託銀行に課徴金を科すよう金融庁に勧告した。

Chuo Mitsui was found to have obtained internal insider information regarding the public stock offering of a company on the Tokyo Stock Exchange from Nomura Securities Co., the lead underwriter of the deal.
東証１部上場企業の公募増資に絡み、増資の主幹事である野村証券から内部者情報を得ていたという。

This incident was the first to expose the collusive ties between a major corporate investor and a leading securities firm.
　大手機関投資家と大手証券の「共犯」関係が、今回初めて明るみに出た。

To restore the confidence that has been lost from the Japanese market, a full-scale investigation into what occurred and the implementation of further preventative measures are crucial.
大きく傷ついた日本市場の信頼を回復するには、疑惑の全容解明と再発防止策の強化が不可欠だ。

A Chuo Mitsui fund manager obtained information on the new share issue of Inpex stock in 2010 from a Nomura sales employee before it had been announced.
　中央三井のファンドマネジャーは、１０年に実施された国際石油開発帝石の公募増資に関する情報を公表前に野村の営業社員から入手した。

Based on the information, Chuo Mitsui used Japanese stock funds that it manages for overseas investors to buy and sell Inpex shares, making about 14 million yen in returns.
その情報を基に、中央三井が運用する海外投資家向けの日本株ファンドを使って帝石株を取引し、約１４００万円の運用益を上げたという。

This is the first time that a trust company -- a major player in the stock market -- will be fined for insider trading.
　証券市場の主力プレーヤーである信託銀行がインサイダー取引で課徴金処分を受けるのは初めて。

Compared to cases of illegal trading that take place between individuals, an institutional violation has a far deeper impact on the market.
会社関係者らが個人的に行う違法取引に比べ、市場への影響は格段に大きい。

Chuo Mitsui officials say that in addition to setting up a special investigative committee to look into the case, it will implement measures to prevent such incidents happening again in the future, including prohibiting contact between its staff who manage stocks and sales staff from securities firms.
　中央三井は、特別調査委員会を発足させたほか、運用担当者と証券会社の営業担当者との接触禁止を含む再発防止策を講じるという。

Chuo Mitsui must take its responsibility seriously, and institute measures to enforce compliance with the law.
責任の重さを認識し、法令順守の徹底を急ぐべきだ。

Nomura Securities, too, is hugely responsible in this case, which marked the first time that a sales member from a securities firm was found to leak yet-unannounced information to an investor as part of their business transactions.
　野村証券の責任も重い。証券会社が営業の一環として、未公表情報を投資家に伝達していたのが確認されたのも初めてだ。

Securities firms have an investment banking division, which handles companies' share sales, as well as mergers and acquisitions; and a sales division.
　証券会社には、企業の増資や合併・買収などを手がける投資銀行部門と営業部門とがある。

Because insider information tends to concentrate in investment banking divisions, securities firms are required to adopt strict measures to prevent any insider information from traveling to their sales divisions.
投資銀行部門にはインサイダー情報が集中するため、証券会社は、その情報が営業部門に伝わらないよう情報管理の徹底を義務づけられている。

While it is still unknown how the Nomura sales division employee who leaked insider information to Chuo Mitsui obtained the information in the first place, it's obvious that Nomura's method for information management had been insufficient.
　問題の増資情報を営業部門の社員が入手した経緯はまだ不明だが、野村社内の情報管理が不徹底だったことは否定できない。

Due to a variety of factors, including a sluggish stock market caused by the Lehman Shock of 2008, securities firms have performed poorly.
　０８年のリーマン・ショックによる株式市場の低迷などで、証券会社の業績は悪化している。

If impatience and anxiety with lagging performance is what motivated the recent scandal, then the problem is deeply rooted and serious.
業績回復への焦りが今回の不祥事につながったとすれば、根が深く深刻だ。

Nomura must conduct an exhaustive inquiry, and re-examine how they handle sensitive information.
野村は原因を徹底的に究明し、その上で、情報管理体制を見直すべきだろう。

In 2010, allegations of violations over public offerings of Tokyo Electric Power Co. (TEPCO) and Nippon Sheet Glass Co. shares emerged, bringing with them accusations that overseas funds had been involved.
　公募増資を巡っては、１０年実施の東京電力や日本板硝子などに関しても疑惑が取りざたされ、海外ファンドの関与も疑われている。

We urge the Securities and Exchange Surveillance Commission to cooperate closely with overseas authorities to uncover the truth.
監視委は海外当局とも連携を密にし、疑惑の全容を解明してほしい。

With regards to the latest incident, Chuo Mitsui will only be fined 55,000 yen -- because that was what the management fee amounted to.
　今回、中央三井の課徴金は５万５０００円にとどまる。
運用報酬が、その額だったからだ。

But isn't this amount too small for a company responsible for destroying market credibility?
しかし、市場の信頼を失墜させた責任の重さにくらべ、軽すぎないか。

Current laws that prevent whoever leaked the information from being penalized are also at fault.
情報提供者を処分できない現行法にも問題がある。

We seek a re-evaluation of related laws to allow for more effective prevention.
再発防止の実効性を高めるため、制度の再検討を求めたい。

毎日新聞　2012年3月23日　2時32分