韩国对15家银行券商开出1.63万亿韩元罚单：串通国债竞标逾三年创单案纪录
韩国公平交易委员会（Fair Trade Commission）11月11日宣布，对15家国债一级交易商在国债竞标中串通投标处以合计16,265.75亿韩元（约1.63万亿韩元、约12亿美元）罚款并发出改正令，这是该委员会单案罚款的最高纪录。涉案的15家机构包括10家证券公司与5家银行。
受罚证券公司为教保证券、大信证券、Meritz证券、未来资产证券、三星证券、新韩投资证券、NH投资证券、KB证券、Kiwoom证券与韩国投资证券；银行为KB国民银行、NH农协银行、IBK企业银行、Hana银行与韩国产业银行。其中KB证券罚金最高、约3,322亿韩元，NH投资证券约2,428亿韩元、未来资产证券约2,148亿韩元，共有7家机构罚金超过1,000亿韩元；证券公司合计约13,760亿韩元，占总额约85%。
据委员会调查，2020年1月至2023年6月约三年半间，这15家机构在150场国债竞标中，于投标截止前一两分钟通过电话与 Telegram 等渠道交换投标收益率信息，其中145场还直接商定投标收益率与数量。委员会认定，这种做法人为挡住了竞标本应带来的中标收益率下降、推高了国债收益率，给国库造成损失；受串通影响的竞标规模约54万亿韩元。
罚金按4.5%的基准比例计算，委员会部分接受涉案机构关于相关销售额并非全部是不当得利的主张，统一减额30%后定案。此前单案纪录是2016年对美国高通公司（Qualcomm）的10,311亿韩元罚单。委员会另决定，把涉案时间长、参与场次多的未来资产证券、NH投资证券、KB证券、Kiwoom证券、韩国投资证券、IBK企业银行与韩国产业银行7家机构向中大犯罪搜查厅告发。
国债一级交易商由韩国财政经济部长官指定，享有优先承销国债的权利，同时负有在流通市场持续报价、活跃交易的做市义务。财政经济部11日表示，是否暂停或取消涉案机构的一级交易商资格，将在法律处分最终确定后审议决定。业界预期，各机构收到处分通知后将向首尔高等法院提起要求取消罚金的行政诉讼，并申请停止执行处分。委员会表示，这次处罚有望促进国债竞标的有效竞争、提高国家财政管理效率。
（来源：韩国公平交易委员会）
South Korea Fines 15 Banks and Brokerages 1.63 Trillion Won in Record Bond Bid-Rigging Case
South Korea's Fair Trade Commission announced on Nov. 11 that it has fined 15 primary dealers a combined 1,626.575 billion won (about 1.63 trillion won, or $1.2 billion) and issued corrective orders for colluding in government bond auctions, the largest single-case fine in the commission's history. The 15 institutions comprise 10 securities firms and five banks.
The brokerages fined are Kyobo Securities, Daishin Securities, Meritz Securities, Mirae Asset Securities, Samsung Securities, Shinhan Investment, NH Investment & Securities, KB Securities, Kiwoom Securities and Korea Investment & Securities. The banks are KB Kookmin Bank, NH NongHyup Bank, IBK (Industrial Bank of Korea), Hana Bank and the Korea Development Bank. KB Securities drew the largest fine at about 332.2 billion won, followed by NH Investment & Securities at about 242.8 billion won and Mirae Asset Securities at about 214.8 billion won; seven institutions were fined more than 100 billion won each. The brokerages account for about 1.376 trillion won, roughly 85% of the total.
According to the commission, from January 2020 to June 2023 the 15 dealers exchanged bidding-yield information by phone and via Telegram in the final one to two minutes before deadlines in 150 government bond auctions, and in 145 of those auctions they went further and directly agreed on bidding yields and volumes. The commission found that the practice artificially blocked the decline in winning yields that competition would have produced, pushed government bond yields higher and caused losses to the national treasury; the auctions affected totaled about 54 trillion won.
The fines were calculated at a base rate of 4.5%, with a uniform 30% reduction after the commission partly accepted the firms' argument that not all related sales were illicit gains. The previous single-case record was the 1,031.1 billion won fine imposed on Qualcomm in 2016. The commission also decided to refer seven institutions with long participation and many auctions - Mirae Asset Securities, NH Investment & Securities, KB Securities, Kiwoom Securities, Korea Investment & Securities, IBK and the Korea Development Bank - to the Serious Crimes Investigation Agency for criminal complaint.
Primary dealers are designated by South Korea's finance minister: they receive preferential rights to underwrite government bonds and in return must keep quoting prices to support trading in the secondary market. The finance ministry said on Nov. 11 that whether to suspend or revoke the dealers' qualifications will be reviewed after the legal disposition becomes final. The firms are widely expected to file administrative suits at the Seoul High Court seeking cancellation of the fines, together with applications to suspend enforcement. The commission said the penalty is expected to foster effective competition in bond auctions and improve the efficiency of national fiscal management.
(Source: Korea Fair Trade Commission)
来源：韩国公平交易委员会
发布：GSM·美国（发布链接）
图片来源：图：韩国首尔汝矣岛金融区天际线，韩国多数大型证券公司总部集中于此。照片：S h y numis，CC BY 4.0，取自 Wikimedia Commons。 / Photo: Skyline of Yeouido, Seoul's financial district, home to many of South Korea's largest brokerages. Photo by S h y numis, CC BY 4.0, via Wikimedia Commons.
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