S. Korea fines BNP, Deutsche Bank

New Straits Times - - Business World -

SEOUL: South Korea’s an­titrust reg­u­la­tor fined Deutsche Bank AG and BNP Paribas a to­tal of 176 mil­lion won (RM678,240) af­ter it found that their branches had col­luded dur­ing cur­rency for­wards auc­tions. The Fair Trade Com­mis­sion said yes­ter­day the two banks had made il­le­gal profits from 2011 April through 2014 Novem­ber by col­lud­ing on prices of bids so that they could take turns to win for­ward cur­rency con­tracts from firms try­ing to buy cur­rency de­riv­a­tives for hedg­ing.

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