The KRX also requested that one Deutsche employee resign or be suspended, and that two employees at the firm be demoted or reprimanded.
The decision follows a ruling by Korea's financial regulators on Wednesday that Deutsche Banks manipulated the stock market through unfair massive derivatives trades on November 11, triggering market plunge by about 3 trillion won in terms of the market value.
The Financial Services Commission yesterday said the investment bank made $40.1 million in "improper profit" by manipulating the market and suspended some of its operation in South Korea for six months.
Deutsche was one minute late in informing the Korea Exchange about the large sell order coming from its accounts, according to the bourse.
The regulator also announced the bank made "unfair profit" after buying a massive volume of put options and subsequently putting sell orders for stocks worth around 2.4 trillion won.
The fine is the largest levied by the bourse, with the previous record a 250 million won ($221,800) penalty imposed on Kiwoom Securities in June, 2009.
(아주경제 송지영 기자)
reporter
Park Sae-jin
swatchsjp@ajunews.com
