LONDON (dpa-AFX) - South Korea's financial regulator has imposed a fine of 26.5 billion won or US$20.4 million on BNP Paribas and HSBC for engaging in illegal naked short selling, according to several media reports citing Securities and Futures Commission.
It was the largest fine imposed on financial companies since the introduction of penalties for violating short selling restrictions in April 2021, the reports said.
BNP Paribas' Hong Kong unit has been discovered to have placed naked short selling orders amounting to 40 billion won for 101 stocks between September 2021 and May 2022.
The reports said that HSBC had allegedly placed naked short selling orders worth 16 billion won for nine Korean stocks from August to December in 2021.
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