English
• The German bank is suspected of market manipulation
South Korean financial authorities (FSC) are investigating two Deutsche Bank divisions, to find out whether they are responsible for causing a stock market plunge last November.
The spokesperson of the FSC, Ernst Lee, said that the investigation, which is aimed at the bank"s Hong Kong unit as well as its securities unit in South Korea, began approximately 1 month ago and is trying to uncover a possible market manipulation and illegal trading. The result of the investigation will be made public by the end of March at the latest.
"Deutsche Bank" officials made no statement concerning the investigation.
The Seoul authorities have decided to launch the investigation after on November 11, 2010, the main index of the South Korean stock exchange - Kos-pi - fell 48 points in the last 10 minutes of the trading session, following massive selling orders. During that time, the Kospi index lost 2.7%, after sell orders of 2,400 billion won (2.16 billion dollars) from foreign investors were processed on option expiration day. Most of these orders were processed by the South Korean division of "Deutsche Bank".
Last month, the FSC decided to introduce tighter rules on derivatives trading, including the introduction of a maximum fluctuation limit for the volume of trades that can be performed in one day, to prevent the risk of market shocks.
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