Supervisory clampdown

South Korea's financial supervisor has had a very busy few months, which look set to define the conduct of derivatives dealing in the country. The Financial Supervisory Service (FSS) in December cautioned Deutsche Bank, Merrill Lynch and Nomura for doing unlicensed onshore derivatives business. BNP Paribas was wrongly reported as being a fourth firm to receive a caution. All four dealers declined to comment on the action.

While the recent penalties were the lowest of the four levels of sancti

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