Global marketsUpdated 8h ago

South Korea sets a record fine for bond-auction collusion.

More than a dozen domestic banks and brokerages colluded for years in South Korea’s sovereign bond auctions, according to the country’s antitrust regulator. They coordinated yields and quantities, the agency said. It has imposed a record fine of 1.63 trillion won, or $1.2 billion. The watchdog says the practice undermined competition and raised the government’s borrowing costs.

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