Article: Merrill Lynch fined by Seoul authority for profiteering from spoofing

Article - Media

Merrill Lynch fined by Seoul authority for profiteering from spoofing

Chung Seung-hwan, Choi Mira

Pulse, 17 July 2019

South Korea’s stock exchange authority Korea Exchange (KRX) slapped a fine of 175 million won ($148,242) on U.S. brokerage Bank of America Merrill Lynch for violating domestic rules and distorting market through algorithmic high-frequency spoofing.

Merrill Lynch has been accused of abetting 6,200 spoofing activities while handling 80 trillion won worth deals commissioned by American hedge fund Citadel Securities from October 2017 to May 2018. Over the period, Citadel was found to have profiteered about 220 billion won, according to KRX.

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Article: Goldman Sachs may face $1.76 mn fine for naked short selling

Article - Media, Publications

Goldman Sachs may face $1.76 mn fine for naked short selling

 Jin Young-tae and Choi Mira, 10 October 2018

The U.S. investment banking giant Goldman Sachs could face a fine of up to 2 billion won ($1.76 million) by the South Korean financial authorities for conducting more than 100 naked short selling transactions banned by the Korean law.

This would be the biggest fine to be slapped for a financial institution in short-sale transactions in the country.

According to sources from the investment banking industry on Tuesday, the financial authority decided to impose a 2 billion won fine on Goldman Sachs for illegally shorting more than 100 local stocks on May 30, and will submit its finding to the top decision-making Securities & Futures Commission of the Financial Services Commission (FSC) within this week. Continue reading “Article: Goldman Sachs may face $1.76 mn fine for naked short selling”