SKorea: Deutsche Bank units behind market plunge

By The Associated Press

Wednesday, February 23, 2011

SEOUL, South Korea (AP) — South Korea’s financial regulators say units of Germany’s Deutsche Bank AG engaged in price manipulation and unfair trading that led to a sudden plunge in Seoul’s benchmark stock index last year.

Authorities had been investigating two Asian units of Deutsche Bank over a 2.7 percent decline in the Korea Composite Stock Price Index during the final minutes of trading on Nov. 11.

The Financial Services Commission and Financial Supervisory Service announced their findings in a joint statement Wednesday.

Spokesman Michael West in Hong Kong said Deutsche Bank would soon release a statement.

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