Korea Said to Fine BNP, HSBC $20 Million for Naked Shorts (1)

South Korea has decided to impose a total fine of 26.5 billion won ($20.4 million) on BNP Paribas SA, its domestic brokerage unit and HSBC Holdings Plc for naked short-selling, according to a person familiar with the matter.

BNP Paribas was ordered to pay 11 billion won for naked short-selling, which is illegal in South Korea, while its local brokerage unit was penalized 8 billion won, according to the person, who requested anonymity discussing private matters. HSBC was fined 7.5 billion won for naked short-selling, the person said.

South Korea’s Financial Services Commission said Monday that it had decided ...