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South Korea: KFTC fines foreign banks for price fixing in FX

 |  January 20, 2019

On Sunday, Korea’s antitrust body said it will fine four foreign banks 693 million won ($615,500) for price fixing on foreign exchange derivative products.

The Korea Fair Trade Commission (KFTC) said it will fine the local branches of Deutsche Bank, JP Morgan Chase and HSBC, as well as Standard Chartered Bank Korea, for making price arrangements with one another on foreign exchange derivatives on seven occasions from March 2010 to February 2012.

The KFTC said that the banks made price agreements so that when a client conducted transactions with multiple banks, they offered similar or identical prices.

Full Content: Korea Joon Gang Daily

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