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Foreign and local companies miss out on Korean OTC derivatives licences

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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

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