{"id":279510,"date":"2011-02-24T01:53:21","date_gmt":"2011-02-24T01:53:21","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/02\/24\/deutsche-bank-in-korea-market-fix\/"},"modified":"2011-02-24T01:53:21","modified_gmt":"2011-02-24T01:53:21","slug":"deutsche-bank-in-korea-market-fix","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/02\/24\/deutsche-bank-in-korea-market-fix\/","title":{"rendered":"Deutsche Bank in Korea market fix"},"content":{"rendered":"

\n \t\t
\n 23 February 2011<\/span>
\nLast updated at <\/span>20:53 ET<\/span>
\n<\/span><\/p>\n

Deutsche Bank employees manipulated South Korea’s stock market last year, financial regulators have said.<\/p>\n

As a result, it has been banned from trading certain securities and derivatives, and regulators have called for staff to be prosecuted. <\/p>\n

The Financial Services Commission started a probe after the KOSPI index fell 2.8% in the last 10 minutes of trade on 11 November.<\/p>\n

Deutsche Bank said it was “disappointed” with the findings.<\/p>\n

Massive Sell-off<\/span><\/p>\n

Deutsche Bank was investigated by regulators because they claim the company’s employees made illegal profits by manipulating the stock market. <\/p>\n

The regulators say Deutsche Bank employees pushed through $2.2bn (\u00a31.4bn) worth of trades during the last 10 minutes of opening time on Korea’s main KOSPI stock index.<\/p>\n

\n\tContinue reading the main story<\/a>\t<\/p>\n

\u201cStart Quote<\/span><\/h2>\n
\n

Deutsche Bank will continue to cooperate with the Korean authorities in relation to the investigation of this matter\u201d<\/p>\n<\/blockquote>\n

End Quote<\/span>
\n\tDeutsche Bank<\/span><\/p><\/div>\n

According to the regulators, the Deutsche Bank employees had built up large positions in derivatives that allowed them to impact the market when they were suddenly sold. <\/p>\n

It says the trading made the employees profits of about 44.9bn won ($41m).<\/p>\n

It also claims that the manipulation was done in collaboration with staff at Deutsche Bank’s Hong Kong operation. <\/p>\n

Regulators now want to prosecute five Deutsche Bank employees, who work in the company’s Hong Kong, New York and Seoul offices. They did not give the names of the employees.<\/p>\n

‘Very regrettable’<\/span><\/p>\n

Deutsche Bank expressed regret over the penalties and the referral of its employees and South Korean unit to prosecutors. <\/p>\n

However, it said it would continue to cooperate with South Korean authorities.<\/p>\n

“Deutsche Bank will continue to cooperate with the Korean authorities in relation to the investigation of this matter,” it said in a statement. <\/p>\n

“Deutsche Securities Korea (DSK) regrets sanctions imposed by the Financial Services Commission and the referrals of DSK and employees are very regrettable,” it added.<\/p>\n<\/p><\/div>\n<\/p>\n

Read more from the original source:
\nDeutsche Bank in Korea market fix<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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