Foreign and local companies miss out on Korean OTC derivatives licences


US banks Citi and Morgan Stanley, along with Korean firms Hanwha Securities and SK Securities, have missed out in the most recent round of applications for South Korean over-the-counter (OTC) derivatives licences.The firms made their applications in June for the country's highest level of dealing licence - along with Dongbu Securities and Seoul Securities, both based in Seoul - but withdrew in July after being audited by the regulator, the Financial Supervisory Service (FSS).The FSS was due