South Korea has banned Deutsche Bank’s Seoul branch from some proprietary trading for six months, ruling that the German lender manipulated the Seoul stock market last year to profit from collapsing share prices.
Regulators said Deutsche Bank’s local securities unit would not be able to trade shares and derivatives on its own account from April.
They asked prosecutors to investigate five senior Deutsche Bank executives from Hong Kong, New York and Seoul, saying the bank reaped Won45bn ($40m) in profit by exercising put options after it sold some Won2,400bn ($2.2bn) of shares on November 11.
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