Nomura Holdings Inc. has fired senior trader Takushi Sawada after an investigation by Japanese regulators into manipulative trading practices.

The termination will take effect on September 30. The investigation found that Sawada engaged in "layering," a type of spoofing involving derivatives linked to Japan's sovereign debt.

Sawada's actions violated market regulations and have drawn significant attention to Nomura's trading activities. This incident has caused a scandal and raised concerns about the brokerage's compliance and ethical trading practices.

The repercussions of this case may have an impact on the financial industry as regulators continue to crack down on market manipulation.