Credit Suisse fined for short selling
Posted: Jul 03, 2024
- South Korea's financial regulator fined Credit Suisse AG and Credit Suisse Singapore Ltd for illegal stock short-selling violations - The fines imposed were 16.9 billion won ($12.17 million) and 10.2 billion won respectively - Credit Suisse AG conducted naked short-selling trades worth 60.3 billion won, violating South Korea's Capital Markets Act - UBS, which took over Credit Suisse, did not immediately respond to comments - South Korea extended the ban on short-selling stocks through the first quarter of 2025 to control illicit trading practices
🚨 Reddit sentiment: negative - Most comments are critical of Credit Suisse and short selling practices. Summarized comments: - Beating a dead horse at this stage.. - That $700 fine gonna hurt. - South Korea banned short-selling of stocks through the first quarter of 2025 to control illicit trading practices - Rules should exist to prohibit illicit trading practices in the first place - Bans on short selling are market manipulation to keep prices artificially high - Illicit trading practices justification is a fig leaf for intervention - 12bn fine for 60bn in naked shorts suggests they wanted a cut rather than stopping the practice - Slap on the wrist - Credit Suisse fine seen as a cost of business
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