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HSBC & BNP Paribas: The $16m Fines For Naked Short Selling

South Korea’s financial regulator is recommending fines for HSBC Holdings Plc and BNP Paribas SA for engaging in illegal naked short selling.

The HSBC building in Canary Wharf is seen behind a City of London sign outside Billingsgate Market in London, Britain, August 8, 2018. Photo: Shutterstock
The HSBC building in Canary Wharf is seen behind a City of London sign outside Billingsgate Market in London, Britain, August 8, 2018. Photo: Shutterstock

The Financial Supervisory Service has submitted a recommendation to the Securities and Futures Commission, urging fines of at least 10 billion won ($7.7 million) for each bank.

Naked short selling involves selling shares without first borrowing them.

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