FILE PHOTO: A journalist walks past an electronic board of the Korea Composite Stock Price Index (KOSPI) at the Korea Exchange (KRX) in Seoul, South Korea, January 20, 2016 REUTERS/Kim Hong-Ji/File Photo SEOUL (Reuters) – The Korea Exchange (KRX) said on Tuesday it has imposed a 175 million won ($148,655) fine on Bank of America Merrill Lynch’s ( BAC.N ) South Korean unit for irregular trading activities.
The investment bank’s algorithmic trading operations placed 6,220 false orders from October 2017 to May 2018, the bourse said in a statement in Korean. Such practice may have encouraged other market participants to follow suit and buy those assets, boosting their prices, the bourse said.
A Hong Kong-based spokesman for Bank of America Merrill Lynch declined to comment.
Reporting by Hayoung Choi and Ju-min Park in Seoul and Alun John in Hong Kong; Editing by Christopher Cushing
LINK ORIGINAL: Reuters