The Korea Exchange Market Surveillance Committee imposed a member fine on Mirae Asset Securities for violating market surveillance rules. Two others, Hana Securities and Merrill Lynch Securities, received member warnings for the same matter.
According to the exchange on the 20th, the Market Surveillance Committee, at its 12th meeting on the 16th, determined that Mirae Asset Securities, Hana Securities, and Merrill Lynch International LLC Securities Seoul Branch excessively traded individual stocks during the closing call auction, distorting closing prices.
The committee's audit department has been conducting an audit into acts undermining fair trading order (concentrated involvement at the close) by the securities firms. The committee can impose sanctions on member firms that violate the rules, including ▲ caution ▲ warning ▲ fines ▲ suspension of membership.
At this meeting, the exchange imposed a member fine on Mirae Asset Securities and mandated voluntary measures for two related employees. Hana Securities and Merrill Lynch Securities received member warnings along with notices to take voluntary measures regarding the related employees.
An official at the exchange's Market Surveillance Committee said, "These securities firms undermined the fair trading order by concentrating involvement in individual stocks' closing prices, thereby violating market surveillance rules."