Latest news for HSBC Holdings (OTC:HBCYF) Stock

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Established in 1865 in Hong Kong, London-based HSBC is one of the largest banks in the world, with assets of USD 3 trillion and 40 million customers worldwide. It operates across 64 countries with around 220,000 full-time staff. Key regions include Asia, Europe, the Middle East and North Africa, and North America. The United Kingdom and Hong Kong are the two largest markets for the bank. The bank offers retail, commercial and institutional banking, global banking and markets, wealth management, and private banking.

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The Financial Services Commission (FSC) is recommending a minimum fine of 10 billion won ($7.67 million) each on the two banking giants. 

HSBC, BNP Face Potential Fines In South Korea Over Allegations Of Naked Short Selling

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South Korea&#8217;s financial regulator is proposing hefty fines on HSBC Holdings plc (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HBCYF#OTC">HBCYF</a>) and BNP Paribas SA (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BNPZY#OTC">BNPZY</a>) over allegations of naked short selling, a practice prohibited under the nation&#8217;s Capital Markets Act.



What Happened: The Financial Services Commission (FSC) is recommending a minimum fine of 10 billion won ($7.67 million) each for the two banking giants.



The five-member commission, led by FSC vice-chairman Kim So-young, discussed the fines in a meeting on Wednesday but did not reach a final decision. However, they plan to finalize the fines as soon as possible. The final amount may change in future discussions, <a href="https://www.bloomberg.com/news/articles/2023-12-21/korea-is-said-to-seek-fines-on-hsbc-bnp-for-naked-short-selling">Bloomberg</a> sources said.



An email sent By <a href="http://pro.benzinga.com">Benzinga</a> to HSBC, BNP, seeking comment didn&#8217;t elicit any response till the time of publishing this story.



See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/23/12/36276277/shiba-inu-burns-8-6b-tokens-over-the-weekend-lead-developer-hints-at-more-shib-burns-to-co?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Shiba Inu Burns 8.6B Tokens Over The Weekend, Lead Developer Hints At More SHIB Burns To Come For Global</a>



These fines, if imposed, would be the first such penalties on global investment banks for conducting naked short selling in the country. They would also set a new record, surpassing the 3.87 billion won fine previously imposed on Erste Asset Management earlier this year.



This development comes after Korean regulators&#8217; decision to impose combined fines of 2 billion won on three unnamed global hedge funds for violating capital market law, including illegal short selling and unfair trades.



Why It Matters: Naked short selling involves an investor short-selling shares without first securing a borrow or verifying borrow availability, a method banned in South Korea. Last month, the nation reinstated a complete ban on short-selling until June 2024 to ensure equity for both retail and institutional investors.



Read Next: <a href="https://www.benzinga.com/markets/equities/23/12/36279965/trump-says-record-high-stock-market-just-making-rich-people-richer-blasts-bidens-inflation-catas?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Says Record-High Stock Market Just &#8216;Making Rich People Richer,&#8217; Blasts Biden&#8217;s &#8216;Inflation Catastrophe</a>



 Image Courtesy: Shutterstock




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