S.Korea mulls fines on Barclays, Citi for short-sale violations

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The story "S.Korea mulls fines on Barclays, Citi for short-sale violations" was covered 1 weeks ago by Korea Economic Daily, a news publisher based in South Korea.

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S.Korea mulls fines on Barclays, Citi for short-sale violations - Korea Economic Daily

Quick Summary:

South Korea’s financial authorities are considering slapping British multinational investment bank Barclays plc and US investment banking group Citigroup Inc.with fines for their illicit stock short-selling trades, which could be the country’s highest-ever fines for such violations.

Considering that under Korea’s Capital Markets Act, traders are only allowed to short shares they first borrow, multinational investment banks’ naked short-selling order is illegal regardless of the final transaction result, argues the Korean financial authorities.

Fines for stock shorting violations have steadily increased in Korea since the government heightened the level of punishment against such breaches in 2021, allowing the financial authorities to impose a maximum 100% fine of profits from short-selling violations.