2 banks to face fines for illegal short stock selling: FSS

SEOUL, South Korea's financial regulator said Sunday it has found out that two global investment banks engaged in illegal stock short selling worth over a combined 50 billion won (US$38 million). According to the Financial Supervisory Service (FSS), one of the two placed naked short selling orders for two stock items between March and June in 2022, and the other conducted naked short selling for three items between January 2022 and April 2023. The FSS said it plans to swiftly take necessary steps to impose a penalty on the two banks and conduct an additional investigation into other global IBs. "More companies currently under investigation could be charged with illegal stock short selling," a FSS official said. Source: Yonhap News Agency