Investing
South Korea to fine two Hong Kong banks for naked short-selling
© Reuters.
SEOUL (Reuters) – South Korea’s stock market watchdog said on Sunday it found two Hong Kong-based investment banks had engaged in naked short-selling, which would likely result in record fines.
The two unnamed investment banks made naked short-selling transactions of a total 40 billion won ($29.58 million) and 16 billion won, respectively, the Financial Supervisory Service (FSS) said in a statement.
Naked short selling of stocks – in which an investor short sells shares without first borrowing them or determining they can be borrowed – is banned by the Capital Markets Act in South Korea.
The violations by the global banks were over long periods, for nine months through May 2022 and five months through December 2021, respectively, and expected to result in record amounts of fines, the FSS said.
The FSS said such violations, which came against authorities’ efforts to provide a more favourable environment for foreign investors, should be prevented from recurring and that it would also look into practices at other similar investment banks.
($1 = 1,352.2100 won)
Read the full article here
-
Side Hustles5 days ago
Mark Zuckerberg Is Now Second Richest Person in the World
-
Investing5 days ago
Nvidia CEO Jensen Huang: Demand For Blackwell AI Is Insane
-
Side Hustles6 days ago
How to Be Unapologetically You and Why It Matters
-
Side Hustles6 days ago
With AI Magicx, It’s Like Getting an Entire Creative Team in One Money-Saving AI Tool
-
Side Hustles5 days ago
Meta Previews Movie Gen, AI Tools That Turn Dreams to Videos
-
Investing3 days ago
Hurricane Helene Hits Spruce Pine Mine, Quartz Used for Tech
-
Passive Income6 days ago
How AI-Driven Personalization Is Transforming the Retail Industry
-
Investing5 days ago
BCA says investors should fade the real estate rally By Investing.com