[Alpha Biz=(Chicago) Reporter Kim Jisun] Financial authorities have imposed the largest-ever fine for illegal short selling by global investment banks BNP Paribas and HSBC.

The Securities and Futures Commission of the Financial Services Commission decided to impose a fine of 26.52,000 billion won and filed a complaint with the prosecution at a meeting on the 22nd, judging that the two companies violated restrictions on short selling under the Capital Markets Act.

It is the largest since the introduction of the short stock selling restriction penalty system in 2021.

BNP Paribas's Hong Kong subsidiary submitted a naked public sale order worth 40 billion won for 101 stocks, including Kakao, from September 2021 to May 2022, while Hong Kong HSBC ordered a naked public sale worth 16 billion won for nine stocks, including Hotel Shilla, from August to December 2021.

 

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