Global banks, including UBS and J.P. Morgan, have been fined by South Korean regulators over short-selling violations.
South Korea has decided to fine J.P. Morgan, Morgan Stanley, Nomura and UBS over short-selling violations, according to a «Reuters» report citing local regulator Financial Supervisory Service (FSS).
No further details about the fine have been disclosed as the decision has not yet been officially announced.
Selling stocks without borrowing them first or determining they can be borrowed – also known as naked short selling – is banned by South Korea’s Capital Markets Act.
