By Kwanwoo Jun
South Korea's financial watchdog has fined Nomura, UBS, JPMorgan and Morgan Stanley for violating local short-selling regulations, a Financial Supervisory Service official said Thursday.
The Financial Services Commission's securities and futures subcommission made the punitive decision Wednesday, the FSS official said, without elaborating on the fines.
The official declined to confirm local media reports that Nomura was fined 9.80 billion won, equivalent $6.8 million, while UBS, JPMorgan and Morgan Stanley were fined 3.70 billion won, 1.40 billion won and 1.30 billion won, respectively.
South Korea maintains a temporary ban on short selling in the local stock market, as regulators are seeking to build a system to monitor the trading practice that often increases market volatility. Short sellers borrow shares of a company and then sell them, aiming to buy them back for less later and profit from the difference.
South Korea strictly bans naked short selling, a practice where investors short a stock without borrowing it first.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
(END) Dow Jones Newswires
February 13, 2025 03:22 ET (08:22 GMT)
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