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Korea Is Said to Seek Fines on HSBC, BNP for Naked Short Selling

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South Korea’s financial watchdog has recommended imposing a fine of at least 10 billion won ($7.7 million) each on HSBC Holdings Plc and BNP Paribas SA for so-called naked short selling, which is considered illegal in the country, according to two people familiar with the matter.

The nation’s Financial Supervisory Service made the recommendation to the Securities and Futures Commission under regulator Financial Services Commission, said the people who requested anonymity discussing private matters.

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