South Korean regulators caution Barclays and JP Morgan on currency derivatives sales
In an official statement, South Korea's Financial Supervisory Service (FSS) said it had sent an institutional warning to Barclays, which sold currency derivatives to three exporters that harmed those companies. It said Barclays did not employ proper risk control steps for its currency options trades, worth $1.2 billion, with three firms between 2006 and 2007, and failed to fully inform trading counterparts of related risks.
The FSS said an "institutional warning was given only to Barclays’s
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