UBS Securities Hong Kong hit with fine

Hong Kong's Securities and Futures Commission (SFC) slapped UBS Securities Hong Kong with a HK$1.6 million fine for regulatory breaches and internal control failings. This action follows an SFC investigation into UBS’s holdings on behalf of one of its clients, UBS AG London, where 175,697 contracts in China Construction Bank stock options were in breach of its position limit of 150,000 contracts on October 18, 2011, according to an SFC statement. The SFC also found that UBS didn…