Deutsche Bank statement regarding recommendations of the Korean Financial Services Commission on KOSPI trading on November 11, 2010
Deutsche Bank is disappointed by the recommendations of the Financial Services Commission (FSC) in relation to allegations of market manipulation by the Bank’s employees on November 11, 2010 and any incidental involvement of its local brokerage unit, Deutsche Securities Korea (DSK).
Deutsche Bank will continue to cooperate with the Korean authorities in relation to the investigation of this matter. Ultimately, we have full confidence in the Korean financial, regulatory and judicial systems.
DSK regrets the sanctions imposed by the FSC and the referrals of DSK and employees are very regrettable. The subject matter of the referral is confined to very specific areas of trading activity and the majority of Deutsche Bank’s activities in Korea will continue to operate normally.
In line with Deutsche Bank’s longstanding commitment to regulatory compliance, the Bank will commission an independent review of Deutsche Bank’s Asian Equities Absolute Strategies Group systems and controls.
With over 30 years investment and responsible conduct in Korea, Deutsche Bank remains deeply committed to Korea, its clients and staff.
Deutsche Bank Press Department
Michael West Hong Kong
+ 852 22038403
Soo Park, News Comms Seoul
+ 82 10 3752041
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