FSS suspends State St FX in South Korea
The Financial Supervisory Service (FSS) suspended the institutional asset manager's licence for FX trading from May 14 to June 13, which includes futures and FX swaps.
The FSS said the branch had violated regulations such as foreign exchange position limits between August 2001 and September 2005.
"This action was handed down because of the way we booked our internal non-deliverable forward (NDF) foreign exchange transactions between our Seoul and Hong Kong branches in the period from 2001-2005,"
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