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.
