Korea Fair Trade Commission Fines Foreign Banks for Price Fixing
The Korea Fair Trade Commission (FTC) has announced fines for four foreign banks, amounting to 693m won, after it uncovered price fixing on foreign exchange derivative products.
The FTC issued fines to local branches of JP Morgan Chase, HSBC, Deutsche Bank and Standard Chartered Bank Korea, for making price arrangements on foreign exchange derivatives between March 2010 to February 2012. The four banks entered into agreements that were intended to raise prices and reduce competition.
The FTC said it hopes the fines will encourage competition and the creation of internal measures to monitor bank sales employees.