South Korea to fine two global investment banks for naked short selling: report

The two banks made five naked short selling orders between 2022 and 2023.

South Korea is making steps to fine two global investment banks who reportedly engaged in illegal stock short selling worth a combined $38m (KRW50b).

The two unnamed banks reportedly placed five naked short selling orders for stock items in 2022 and 2023, reports Yonhap News Agency, based on a statement by the Financial Supervisory Service (FSS).

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One of the banks reportedly placed two illegal stock orders between March and June 2022; another conducted naked short selling for three items between January 2022 and April 2023.

Officials plan to conduct additional investigation into other global IBs, the FSS said.

(The original report, by Kim Na-young, can be read at the Yonhap News Agency official website)