South Korea fines 15 banks and securities firms 1.63 trillion won for collusion in government bond auctions
South Korea Fines 15 Banks and Brokers a Record $1.2 Billion Over Bond Rigging
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South Korea’s Fair Trade Commission fined 15 banks and securities firms a total of 1.63 trillion won, saying they manipulated government bond auctions. This is the Commission’s record fine for a single case. The regulator said the dealers involved agreed in advance on bid yields and amounts in 145 of 150 auctions held between January 2020 and June 2023; 7 other companies will be referred for investigation.
The case shows how South Korean regulators determine collusion in government bond auctions and calculate fines, while also presenting the dealers’ arguments challenging the basis for the penalties.
Source:Finance Magnates · financemagnates.com