Photo: Fair Trade Commission

 

 

[Alpha Biz= Kim Jisun] The Fair Trade Commission (FTC) has begun taking action against major securities firms and banks suspected of colluding in the government bond bidding process.


According to industry sources on Monday, the FTC recently sent related inspection reports (similar to prosecutors' indictments) to the involved securities firms and banks.


In February and March 2023, the FTC conducted field investigations at major banks, including KB Kookmin, Hana, Woori, NH Nonghyup, and IBK Industrial Bank of Korea. In June of the same year, field investigations were also carried out at securities firms such as Meritz, KB, Samsung, NH Investment, Kiwoom, Kyobo, and Mirae Asset, as well as the Korea Financial Investment Association.


Government bond dealers (PDs) are granted preferential rights during the bond underwriting process but are also required to fulfill their obligations as market makers.


The firms under investigation are believed to be among the government bond PDs involved in the bidding process.

 

 

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