Korea creates taskforce for foreign banks
Korea’s Financial Supervisory Service has created a taskforce to supervise foreign banks operating in the country, part of a clamping down on those institutions it fears are damaging the country’s domestic financial markets.
The regulator set up the foreign bank branch supervision office last month, and has already identified 14 foreign banks that manage big enough volumes of FX and derivatives trades to pose a threat to the financial system.
Those banks, which have not been publicly announced, are: Bank of America,
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