[Aju News DB]
South Korea's Fair Trade Commission said Tuesday it had fined HSBC’s Hong Kong unit and Deutsche Bank a combined 59 million won ($50,000) for collusion in the foreign exchange swap market.
This is the first ever penalty imposed by the country’s competition watchdog for an FX derivatives-related case.
Officials at the two banks agreed to avoid competition and alternately win four rounds of bidding for a company's FX swaps in 2011, the FTC said in a statement.
The watchdog fined HSBC 46 million won and Deutsche 13 million won respectively. No details were given.
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"The FTC hopes the price collusion against clients in the FX market will decrease through this measure," it said.
By Alex Lee
reporter
Park Sae-jin
swatchsjp@ajunews.com
