(Bloomberg) -- South Korea imposed a record 27.2 billion won ($19.5 million) short-selling fine across two Credit Suisse affiliates, as the nation attempts to stamp out illegal trading that it sees as hurting fairness in the market.

The country’s Securities and Futures Commission decided to impose a 16.9 billion won penalty on Credit Suisse AG and 10.2 billion won fine on Credit Suisse Singapore Ltd., the Financial Services Commission said in a statement Wednesday. 

The fine is the highest yet in South Korea for alleged short-selling violations, since the nation started imposing fines on illegal short selling in April 2021. Last month, South Korea extended its blanket ban on short selling through March 30, 2025. The popular trading practice has been prohibited since November 2023. In December, BNP Paribas SA and HSBC Holdings Plc were penalized with a total fine of 26.5 billion won for naked short selling, Bloomberg News reported. 

UBS Group AG, which acquired Credit Suisse last year, did not immediately respond to an email seeking comment. 

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