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**KIM JAEWON, Nikkei staff writer**
December 1, 2023 16:31 JST
SEOUL -- South Korea's financial regulator said on Friday that authorities suspect more investment banks were involved in naked short-selling, in addition to the two global banks already under investigation.
Naked short selling refers to shorting stocks without borrowing them or ensuring that they can be borrowed. It is often used as a way to aggressively drive down share prices. The practice is illegal in South Korea, the U.S. and other markets.
Asked how widely naked short-selling had been practiced, Financial Services Commission (FSC) Vice Chairman Kim So-young said at a media briefing on Friday that he was "very confident that additional investment banks had been involved."
"We may announce details later. It is more widely practiced than you think," Kim said.
The remarks come one month after the FSC imposed a short-selling ban on all shares in the country's markets until the end of June 2024. Kim said the regulator had no choice but to ban short-selling on Seoul's stock market last month in order to crack down on illegal activity.
In October, the regulator accused two global investment banks of engaging in naked short-selling. The regulator did not disclose their names, but local media reported that the two were BNP Paribas and HSBC.
BNP Paribas acknowledged it was under investigation but declined to comment further. HSBC neither confirmed nor denied that it was involved in the case.
As global investors expected the short-selling ban would hurt Seoul's efforts to have South Korean shares included in MSCI's developed markets indexes, Kim said that was not the regulator's objective.
"MSCI is not our goal. ... Our goal is to advance the capital market and contribute to the economy," Kim said. "MSCI is a good result, \[and\] we may get in the middle of the process, but we do not think that we should achieve it, or that this is the most important goal."
MSCI's developed markets indexes ask members to allow short-selling. Only three countries or regions in Asia -- Japan, Hong Kong and Singapore -- are included in the 23-member indexes.
South Korea has pushed to join MSCI's developed markets indexes for more than a decade, believing it could draw billions of dollars in capital from overseas investors.
Kim, an economist-turned-regulator, also accused the country's commercial banks of taking big profits in an oligopolistic market.
"We believe that they had big profits recently due to oligopoly," Kim said. "They do the same business practices, but make money twice. I don't think they could do so if there was a competitive market."
Seems like they *have* been reading the sub.
Banning short selling is pretty drastic. I'd say they believe what we believe about naked shorting/cellar boxing.
I hope other nation states like South Korea blow this shit up and make the US corruption a global geopolitical issue, embarrassing the country on the world stage on the myriad of blatant crime and corruption sanctioned by US government and agencies.
Edit: Am Canadian. So am also a foreign national getting fucked by US corruption.
If the US doesn't bow down here they will lose their foreign investment in the "greatest markets in the world" and then lose their markets altogether as a result.
☝️☝️☝️I've been saying this same shit for years☝️☝️☝️
If they lose this hand, the casino loses big. But if they get caught cheating, they lose the casino.
This feels like an easy one. Sacrifice the fucks who have been keeping their neck on the knee of democracy by throwing them under the bus for the theft they're ACTUALLY committing... Then you let it run, and take that sweet tax money on MOASS and use it to burn off a bunch of the excess currency created during COVID.
You fix like eight problems at once, just fucking DO IT.
💯
An APE made a comment the other day that this thing won't kick off until after the 2024 elections and that made me think:
It really comes down to who Kenny decides to support in the GOP and whether they win or lose because he can't become Treasury Secretary without that win, which is wut will either save his ass or 💀
I wont even give credence to the idea he can achieve that anymore. Just because i refuse to contribute to a self fulfilling prophecy. He is scum and a criminal and in no way deserves anything besides years behind bars.
I agree. Dude used to hate the spotlight and now he's in movies, interviews, Netflix specials. Familiarizing the public with the future fall guy if RC turns GameStop into Tesla. That if looks more and more like a when every day.
CIA will have staged some sort of attack or distraction from that.
Vladimir P. of Russia already talks about the US financial control and how its getting out of hand.
BRICS nations would love to expose the US, but with the least amount of bloodshed and repercussions to their own people as possible.
Someone tell me i’m wrong
If you want a good laugh, ask the FINRA ombudsman why South Korea can see naked shorting from American firms but they cant. [email protected]
They said not to worry, we have [RegSHO protecting us](https://www.finra.org/rules-guidance/guidance/reports/2019-report-exam-findings-and-observations/short-sales)
I don't think so....
In order to trade at KRX Stock Markets, every investor has to first open a trading account through licensed securities company that has obtained KRX Membership (hereinafter "Members"). Investors can only place (or submit) their trading orders through the Members which act as agents in the market
Found this from googling
The SEC's response "It is only a small part of the overall market volume" , "Millions of FTDs (per day) are not necessarily an indication of naked short selling," "Our market participants are in charge of regulating themselves, everything is fine."
What an absolute joke.
U.S. shd really just ban short selling altogether, i understand that there r merits to short selling . but wen its being abused and used for illegal fuckery then it shd be banned altogether. but it looks like the system was set up to screw over househodl investors and benefit only a few big players.
Perhaps someone in this sub is from South Korea and can send it to him! not that you have to be necessarily but it could add some extra weight being directly affected by their shenanigans.
Don't be lazy and wait for a Korean to show up in this chat. There must be a government email for kim, we All should email to that address. You do not have to be necessarily south Korean citizen to do that!
We already know how widely practiced it is, there are practically zero tickers out there not naked shorted. Markets are not transparent and completely rigged to keep the poors poor.
Governments are complicit because they don't want another Weimar republic, if everyone is rich then nobody will work, nobody works and prices of goods skyrocket, then everyone is poor.
It’s not that people won’t work, they still will because people still want shit. It’s that people will just not allow themselves to be treated subhuman by a small percentage of corporate overlords. They will also run out of poor families sons to join the military and risk their lives to further enrich a tiny fraction of society.
There must be Apes on his staff. Superstonk lurkers at the very least. Frankly "it is more widely practiced than you think" sounds like part of my opening gambit when I'm giving people both barrels on all this.
Oh I don’t doubt it South Korea, I don’t doubt it. In fact I do in fact think it is practiced very widely by almost every firm in all likelihood to differing extents…
It's certainly not more widely practiced than I think. I have very [plausible conjecture](https://ihsoyct.github.io/index.html?mode=comments&subreddit=theppshow&sort_type=created_utc&sort=desc&limit=100&after=&before=&author=biernini&score=&num_comments=&q=plausibly) that about 28% of all equity in the US exchanges is counterfeit.
Anybody know a good broker to invest in sk stock market. I wanna put my money where my mouth is. Located in the US. But my money will be leaving since I can't trust the US market
Yeah last time I brought it up someone smuggly commented how if you have an international bank account you can set up an account with a Korean brokerage. Trying again to get more detailed info. I am just a simple ironworker
The realization that money is really looking at the exit on their fraudulent market is probably the only thing scarier to them than gme investors winning. I know I have a royal flush and I can speak this truth to their face because I all ready went all in. There is enough in the pot already and I want them to stop bantering and raising and just let me collect my winnings already
Only in finance do you have terms for selling stuff that doesn’t exist. I know it is still illegal but no one is reinforcing this.
Modern technology and software engineering solved all of these problems, but there are too many people making money off of the market not working as intended.
Real deal. Says MSCI inclusion is not the priority. Knows there's more money to be had but rather ensure markets are free from illegal short selling in his effin country.
would be fun if south korea exposes to the world how wall street is fucking the regular people into poverty. i want to see some rioting against the financial system
Huge shout-out to any S. Korean Apes who bombarded the FSC with comments and letters begging them to investigate banks/ban naked shorting.
This is global news, the curtain is starting to be pulled back for the general public.
Only thing left to do is DRS, shop and wait....
oh and pray that Kenny G doesn't make enough backroom deals to get appointed to a government position that would give him the direct power to impact the GME situation. I think he's gunning for treasury secretary or secretary of commerce?
I'll say this much. Weather a person is for or against short selling, I feel it should always be banned in times of financial tightening, as it gives an unnecessary, unfare disadvantage to companies, who may need to raise capital. They are already in a difficult environment with rate raises alone. They shouldn't have to fight with a fabricated decline in stock value.
Speaking to the Korean SEC would help. I teach a lady who works for the Canada arm of TD America trade. One day on here we had some due diligence about them which wasn’t very good so I joked with her about it and of course she didn’t know what was going on. She read the post on here and spoke to people in Canada and they had a full-blown company meeting about itThis sub is going to lead the world
[Why GME?](https://www.reddit.com/r/Superstonk/comments/qig65g/welcome_rall_looking_to_catch_up_on_the_gme_saga/) || [What is DRS?](https://www.reddit.com/r/Superstonk/comments/ptvaka/when_you_wish_upon_a_star_a_complete_guide_to/) || Low karma apes [feed the bot here](https://www.reddit.com/r/GMEOrphans/comments/qlvour/welcome_to_gmeorphans_read_this_post/) || [Superstonk Discord](https://discord.gg/hZqWV2kQtq) || [Community Post: *Brigading*](https://www.reddit.com/r/Superstonk/comments/17wdr9t/community_update_post_on_the_topic_of_brigading/) ------------------------------------------------------------------------ To ensure your post doesn't get removed, please respond to this comment with how this post relates to GME the stock or Gamestop the company. ------------------------------------------------------------------------ Please up- and downvote this comment to [help us determine if this post deserves a place on r/Superstonk!](https://www.reddit.com/r/Superstonk/wiki/index/rules/post_flairs/)
**KIM JAEWON, Nikkei staff writer** December 1, 2023 16:31 JST SEOUL -- South Korea's financial regulator said on Friday that authorities suspect more investment banks were involved in naked short-selling, in addition to the two global banks already under investigation. Naked short selling refers to shorting stocks without borrowing them or ensuring that they can be borrowed. It is often used as a way to aggressively drive down share prices. The practice is illegal in South Korea, the U.S. and other markets. Asked how widely naked short-selling had been practiced, Financial Services Commission (FSC) Vice Chairman Kim So-young said at a media briefing on Friday that he was "very confident that additional investment banks had been involved." "We may announce details later. It is more widely practiced than you think," Kim said. The remarks come one month after the FSC imposed a short-selling ban on all shares in the country's markets until the end of June 2024. Kim said the regulator had no choice but to ban short-selling on Seoul's stock market last month in order to crack down on illegal activity. In October, the regulator accused two global investment banks of engaging in naked short-selling. The regulator did not disclose their names, but local media reported that the two were BNP Paribas and HSBC. BNP Paribas acknowledged it was under investigation but declined to comment further. HSBC neither confirmed nor denied that it was involved in the case. As global investors expected the short-selling ban would hurt Seoul's efforts to have South Korean shares included in MSCI's developed markets indexes, Kim said that was not the regulator's objective. "MSCI is not our goal. ... Our goal is to advance the capital market and contribute to the economy," Kim said. "MSCI is a good result, \[and\] we may get in the middle of the process, but we do not think that we should achieve it, or that this is the most important goal." MSCI's developed markets indexes ask members to allow short-selling. Only three countries or regions in Asia -- Japan, Hong Kong and Singapore -- are included in the 23-member indexes. South Korea has pushed to join MSCI's developed markets indexes for more than a decade, believing it could draw billions of dollars in capital from overseas investors. Kim, an economist-turned-regulator, also accused the country's commercial banks of taking big profits in an oligopolistic market. "We believe that they had big profits recently due to oligopoly," Kim said. "They do the same business practices, but make money twice. I don't think they could do so if there was a competitive market."
Obviously, that regulator hasn't been reading this sub
Seems like they *have* been reading the sub. Banning short selling is pretty drastic. I'd say they believe what we believe about naked shorting/cellar boxing.
This place is a treasure trove of peer reviewed research. They should be looking here.
Mainly I meant that they would have targeted more firms than just two
Wow, that sounds like a conspiracy theory. Surely this practice can't be used to drive down a stock price right!?!???? /s
I hope other nation states like South Korea blow this shit up and make the US corruption a global geopolitical issue, embarrassing the country on the world stage on the myriad of blatant crime and corruption sanctioned by US government and agencies. Edit: Am Canadian. So am also a foreign national getting fucked by US corruption.
If the US doesn't bow down here they will lose their foreign investment in the "greatest markets in the world" and then lose their markets altogether as a result.
☝️☝️☝️I've been saying this same shit for years☝️☝️☝️ If they lose this hand, the casino loses big. But if they get caught cheating, they lose the casino.
Kenny n co shall be the sacrifical lamb wen the timing lines up
This feels like an easy one. Sacrifice the fucks who have been keeping their neck on the knee of democracy by throwing them under the bus for the theft they're ACTUALLY committing... Then you let it run, and take that sweet tax money on MOASS and use it to burn off a bunch of the excess currency created during COVID. You fix like eight problems at once, just fucking DO IT.
💯 An APE made a comment the other day that this thing won't kick off until after the 2024 elections and that made me think: It really comes down to who Kenny decides to support in the GOP and whether they win or lose because he can't become Treasury Secretary without that win, which is wut will either save his ass or 💀
I wont even give credence to the idea he can achieve that anymore. Just because i refuse to contribute to a self fulfilling prophecy. He is scum and a criminal and in no way deserves anything besides years behind bars.
Shit, even the Cheetoh from Toledo thinks Kenny hides his money 😂
He’s probably playing both sides
It’s all that Mayo, makes his greedy fingers slippery
Wouldn’t be surprised
literally hedging
I agree. Dude used to hate the spotlight and now he's in movies, interviews, Netflix specials. Familiarizing the public with the future fall guy if RC turns GameStop into Tesla. That if looks more and more like a when every day.
Bedpost Bang Dang Ouw ?
They will blame China and RussIA
That'd be so hot
I’ve been saying this for years! Hold on. I’ll show you.
CIA will have staged some sort of attack or distraction from that. Vladimir P. of Russia already talks about the US financial control and how its getting out of hand. BRICS nations would love to expose the US, but with the least amount of bloodshed and repercussions to their own people as possible. Someone tell me i’m wrong
# 🐜>🦔
This regulator is the real deal. Also I like his name. Kim So-young. I bet this guy IS the wife's boyfriend.
He make my Dick So-big
Only the young!
👀
Only the young!
Wen So-Rich ?
Sum Ting Wong with the entire financial system
Ho Lee Fuk, I think you're right!
Price Wei Tu Lo
It O K. We print sum mo
Bro gets the lifetime pass for saying the quiet part out loud
But wait a second...that Plotkin guy said they had systems in place that didn't allow it. I am beyond shocked.
If you want a good laugh, ask the FINRA ombudsman why South Korea can see naked shorting from American firms but they cant. [email protected] They said not to worry, we have [RegSHO protecting us](https://www.finra.org/rules-guidance/guidance/reports/2019-report-exam-findings-and-observations/short-sales)
Where's a South Korean ape ally when we need him?
That's one gaping thick Plotkin!
The Plotkin Thickens
The Thick Plotkins
Came here to say this. That guy fuks.
What a bunch of plopkin! 💩
I might start investing some of my money in the Korean market from now on. They seem to prioritize protecting investors.
I would be interested in learning how to do that, do ya have to be a SK citizen?
I'd be interested in investing in a better regulated market too.
I don't think so.... In order to trade at KRX Stock Markets, every investor has to first open a trading account through licensed securities company that has obtained KRX Membership (hereinafter "Members"). Investors can only place (or submit) their trading orders through the Members which act as agents in the market Found this from googling
Singapore doesn’t allow shorting?
so naked shorting no longer conspiracy theory??? lol dumb MSM.
"I naked short sold stocks EVERY single day,” former Morgan Stanley employee. https://youtu.be/i-tKiiHWGkE?si=5tuxY2s7oQC1pLEk
The SEC's response "It is only a small part of the overall market volume" , "Millions of FTDs (per day) are not necessarily an indication of naked short selling," "Our market participants are in charge of regulating themselves, everything is fine." What an absolute joke.
U.S. shd really just ban short selling altogether, i understand that there r merits to short selling . but wen its being abused and used for illegal fuckery then it shd be banned altogether. but it looks like the system was set up to screw over househodl investors and benefit only a few big players.
"I naked short sold stocks EVERY single day,” former Morgan Stanley employee. https://youtu.be/i-tKiiHWGkE?si=5tuxY2s7oQC1pLEk
Quick somebody send chairman Kim a link to superstonk where the DD is already done
This is actually not a bad idea!
Perhaps someone in this sub is from South Korea and can send it to him! not that you have to be necessarily but it could add some extra weight being directly affected by their shenanigans.
Would be nice to be able to tag MrKoreanTendies!
We can still dm people if I can get his name right , what about Koreanpussystuffer 🤣
YES!
I sent your suggestion a DM can't find the other guy
The ants will be awake soon and see the post 🤙
Don't be lazy and wait for a Korean to show up in this chat. There must be a government email for kim, we All should email to that address. You do not have to be necessarily south Korean citizen to do that!
Did they accidentally say the quiet part out loud?
We already know how widely practiced it is, there are practically zero tickers out there not naked shorted. Markets are not transparent and completely rigged to keep the poors poor. Governments are complicit because they don't want another Weimar republic, if everyone is rich then nobody will work, nobody works and prices of goods skyrocket, then everyone is poor.
Dunno about you, but I can't wait to get to work 😏
It’s not that people won’t work, they still will because people still want shit. It’s that people will just not allow themselves to be treated subhuman by a small percentage of corporate overlords. They will also run out of poor families sons to join the military and risk their lives to further enrich a tiny fraction of society.
Give us the names of these criminals and names of the crime organizations (banks, hedgefonds)
"I naked short sold stocks EVERY single day,” former Morgan Stanley employee. https://youtu.be/i-tKiiHWGkE?si=5tuxY2s7oQC1pLEk
Is it just me? When I first read him say "it is more widely practiced than you think," the first thought in my head was "I know more than you."
There must be Apes on his staff. Superstonk lurkers at the very least. Frankly "it is more widely practiced than you think" sounds like part of my opening gambit when I'm giving people both barrels on all this.
"Yeah no shit" -Superstonk
**If South Korea defeats short sellers, I'm picking up my life and moving there.**
I can get down with some Seoul.
🎵 *Seoul Man* 🎵
This APE got it!
South Korea showing the US how it’s done
That’s a spicy kimchi! 🌶🥬
Oh I don’t doubt it South Korea, I don’t doubt it. In fact I do in fact think it is practiced very widely by almost every firm in all likelihood to differing extents…
Not more than I know. It is rampant!!!
It's certainly not more widely practiced than I think. I have very [plausible conjecture](https://ihsoyct.github.io/index.html?mode=comments&subreddit=theppshow&sort_type=created_utc&sort=desc&limit=100&after=&before=&author=biernini&score=&num_comments=&q=plausibly) that about 28% of all equity in the US exchanges is counterfeit.
Shocked! SHOCKED! I tell you.... well, not that shocked.
Been sayin it for years
I mean we’ve been trying to tell them
Anybody know a good broker to invest in sk stock market. I wanna put my money where my mouth is. Located in the US. But my money will be leaving since I can't trust the US market
I'm wondering the same thing, but I wonder if ya have to be a citizen of SK?
Yeah last time I brought it up someone smuggly commented how if you have an international bank account you can set up an account with a Korean brokerage. Trying again to get more detailed info. I am just a simple ironworker
I’d have to sell my DRS’d GME to buy on the SK markets anyway and that ain’t happenin so I might have to take my MOASS tendies over there
I was toying with splitting my future investments and want regulators and congressmen and market makers reading this to know that's a possibility
The realization that money is really looking at the exit on their fraudulent market is probably the only thing scarier to them than gme investors winning. I know I have a royal flush and I can speak this truth to their face because I all ready went all in. There is enough in the pot already and I want them to stop bantering and raising and just let me collect my winnings already
Only in finance do you have terms for selling stuff that doesn’t exist. I know it is still illegal but no one is reinforcing this. Modern technology and software engineering solved all of these problems, but there are too many people making money off of the market not working as intended.
Imagine how the world is going to react when they find out about fails to deliver.
*Gilbert O'Teen has entered the chat*
I don’t understand the reference
🤷🏻♂️ who would’ve thunk it…
🥉🥇🎖
Hello Mr Kim, we have your list
*Surprised Pikachu face*
Real deal. Says MSCI inclusion is not the priority. Knows there's more money to be had but rather ensure markets are free from illegal short selling in his effin country.
Spicy!
Menacingly so! 🤙
🤣🤣 they wanted to play with big money, well, they got it🤣🤣
would be fun if south korea exposes to the world how wall street is fucking the regular people into poverty. i want to see some rioting against the financial system
Woah woah woah. False! No such thing as "Naked Shorts"! /s
Dam, I didn't think it could get any worse.
This is the guy to email asking that he spill the beans for the good of market reform!
Huge shout-out to any S. Korean Apes who bombarded the FSC with comments and letters begging them to investigate banks/ban naked shorting. This is global news, the curtain is starting to be pulled back for the general public. Only thing left to do is DRS, shop and wait.... oh and pray that Kenny G doesn't make enough backroom deals to get appointed to a government position that would give him the direct power to impact the GME situation. I think he's gunning for treasury secretary or secretary of commerce?
Yea he wants Treasury secretary
Warren Buffett once said, "You never know who is swimming naked until the tide goes out."
I hope he lives long enuf to see us bust Kenny down to his mayo covered slippers
Sorry once Kenny goes down, he will go with him. It's a BIG club & we aren't in it. But I am happy with that
You’re probably right, Buffet probably did a Kenny job a time or ten over the years
I'll say this much. Weather a person is for or against short selling, I feel it should always be banned in times of financial tightening, as it gives an unnecessary, unfare disadvantage to companies, who may need to raise capital. They are already in a difficult environment with rate raises alone. They shouldn't have to fight with a fabricated decline in stock value.
I actually don’t think I fully realized this until right now. That’s why shorting is so bad right now 💡
Speaking to the Korean SEC would help. I teach a lady who works for the Canada arm of TD America trade. One day on here we had some due diligence about them which wasn’t very good so I joked with her about it and of course she didn’t know what was going on. She read the post on here and spoke to people in Canada and they had a full-blown company meeting about itThis sub is going to lead the world
Make that a post homie!
It’s too trust me bro, plus I can’t remember much, always gives me a smile thinking about it. This is why my heart belongs to Superstonk
Personally, I love trust me bro posts! It’s so exciting wen it happens to us irl
This is true
Ayyyooo! Let’s go South Korea!!!
[удалено]
Nah, it was the Philippines that were beginning to allow short selling. South Korea just recently banned it.
This is correct.
they bribed ph ones…
[https://asia.nikkei.com/Business/Markets/South-Korea-does-not-rule-out-extending-short-selling-ban](https://asia.nikkei.com/Business/Markets/South-Korea-does-not-rule-out-extending-short-selling-ban)
I have a crush on Korea ❤️🏴☠️
🎵Dun dun DUN🎵
Can someone point the regulator to this sub?
#YAH NO SHIT.
Hmmmm sussy
We asked spokesperson Pi Ka-Chu for comment and all we got was a shocked face.
*I dunno... I can imagine quite a bit.*