Korean media: Two Hong Kong investment banks, HSBC and BNP Paribas, are accused of engaging in naked short selling.
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The Financial Supervisory Service (FSS) of South Korea has discovered that two Hong Kong investment banks engaged in naked short-selling, involving a total amount of 56 billion Korean won (approximately 324 million yuan), which could result in record fines. According to the South Korean Economic Daily, the two investment banks are HSBC and BNP Paribas. This is the first time that the FSS has confirmed intentional naked short-selling by investment banks, as most previous cases have involved hedge funds.
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