South Korea’s financial regulator the Financial Services Commission (FSC) has fined US-based Citadel Securities nearly 12bn KRW (approx 9.7mn USD) saying the firm disturbed the local stock market with high-frequency algorithm trading.
Financial Services Commission (FSC) statement said, in summary:
- the firm had distorted stock prices with artificial factors, such as orders on the condition of “immediate or cancel” and by filling gaps in bid prices
- firm carried out such trading on an average of 1,422 stocks per day from October 2017 to May 2018
- totalling over 500 billion won worth of trades
