{"id":2202874,"date":"2023-11-27T17:00:00","date_gmt":"2023-11-27T08:00:00","guid":{"rendered":"https:\/\/koreapro.org\/?p=2202874"},"modified":"2023-11-28T17:02:45","modified_gmt":"2023-11-28T08:02:45","slug":"why-south-korea-faces-economic-controversy-with-short-selling-ban","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/11\/why-south-korea-faces-economic-controversy-with-short-selling-ban\/","title":{"rendered":"Why South Korea faces economic controversy with short-selling ban"},"content":{"rendered":"

Citing illegal market activities that disadvantage retail investors, the South Korean government implemented a <\/span>complete ban on short selling<\/span><\/a> in early November that will remain in place until July 2024. While this decision has gained support from some voters, particularly those who have felt the adverse effects of short-selling, it has also prompted considerable debate.<\/span><\/p>\n

A <\/span>Korea Pro<\/span><\/i> analysis indicates several critical insights. Firstly, despite the negative perception it sometimes garners, short selling is a common and generally accepted practice in global financial markets. It is typically restricted under exceptional circumstances, such as during periods of high volatility or market distress.<\/span><\/p>\n

The focus in South Korea is particularly on \u201c<\/span>naked short selling<\/span><\/a>,\u201d an illegal variant of the practice. However, there is insufficient evidence to directly link the practice to significant market volatility or the overall drop in stock values.<\/span><\/p>\n

The broad ban, aimed at curbing these illegal activities, could have unintended consequences for the market\u2019s overall health. By limiting a practice that is part of the normal functioning of the markets, the ban could hinder the ability of the market to reflect a complete range of investor activities and opinions.<\/span><\/p>\n

Moreover, this prohibition might lead to increased market volatility in the long run. By alienating specific groups of investors, it could contribute to the very decline in stock prices that it seeks to prevent, pushing down prices even further.<\/span><\/p>\n

SHORT SELLERS\u2019S ROLE IN THE MARKET<\/b><\/p>\n

Short sellers often find themselves in the spotlight, frequently labeled as <\/span>speculators<\/span><\/a> due to the nature of their trading strategy. Unlike traditional investors who purchase securities with the expectation of a price increase, short sellers operate on a different principle. They engage in selling securities they do not own, betting on a decline in their prices to make a profit. This practice is not just a speculative maneuver but forms part of a more complex financial ecosystem.<\/span><\/p>\n

The process of short selling involves borrowing securities from an owner for a fee, selling these borrowed securities and then repurchasing them later at a hopefully lower price before returning them to the lender. The profit for the short seller arises from the price difference minus the borrowing fee.<\/span><\/p>\n

This mechanism allows short sellers to capitalize on declining stock values, a scenario often considered unfavorable in traditional investment paradigms.<\/span><\/p>\n

Far from being a niche or unorthodox practice, short selling is a <\/span>common strategy<\/span><\/a> in financial markets. It\u2019s employed not only by individual traders but also by <\/span>activist investment funds<\/span><\/a>. These funds often target companies they perceive as overvalued or even fraudulent, arguing that their actions serve a public good by correcting market mispricings, alongside pursuing their profit motives.<\/span><\/p>\n

An illustrative case is that of Hindenburg Research, an activist short-selling fund, which <\/span>leveled accusations<\/span><\/a> against the Indian conglomerate Adani Group, alleging accounting fraud and stock manipulation. Following these allegations, India\u2019s regulatory regime has been <\/span>strengthened<\/span><\/a> to close loopholes that were purportedly exploited by the Adani Group, as highlighted by Hindenburg Research.<\/span><\/p>\n

This aspect of short selling, which potentially acts as a market corrective, has been the subject of various analyses and even <\/span>documentaries<\/span><\/a>, highlighting its impact and significance.<\/span><\/p>\n

\"\"

An illustration of stock brokers at a stock exchange | Image: Korea Pro<\/em><\/p><\/div>\n

THE CONTROVERSIAL SIDE<\/b><\/p>\n

However, short selling can sometimes tread into <\/span>controversial territory<\/span><\/a>, especially when it deviates from legal and ethical norms. The practice\u2019s illegal forms often raise questions about its overall impact on market integrity.<\/span><\/p>\n

One such problematic variant is naked short selling, an illegal practice where the short seller does not first borrow the asset before selling it. This process involves the short seller receiving funds for the asset without owning it initially, with the intention to buy and deliver it later.<\/span><\/p>\n

While this might work in some cases, it poses significant risks, including the possibility of a \u201c<\/span>failure to deliver<\/span><\/a>\u201d \u2014 where the seller cannot acquire the asset in time to fulfill the transaction, leading to market disruptions.<\/span><\/p>\n

Naked short selling is challenging to monitor and control due to its illegality in many places. However, its potential for profit, especially in situations where an asset is heavily shorted and shares are scarce, makes it an attractive, albeit risky, strategy for some.<\/span><\/p>\n

Amid these concerns, the South Korean government has opted to impose a ban on all forms of short selling until July of next year. This decision, while aimed at curbing illegal practices like naked short selling, also reflects broader concerns.<\/span><\/p>\n

The ROK government cites that the practice disproportionately benefits <\/span>foreign and domestic institutional investors<\/span><\/a>, often to the detriment of domestic retail investors who face higher barriers to entry, such as increased collateral requirements.<\/span><\/p>\n

In a bear market, where asset prices are generally falling, the frustration of retail investors becomes more pronounced. They perceive short selling as a mechanism that enables larger firms to profit in market downturns, exacerbating inequalities in the financial landscape.<\/span><\/p>\n

However, the outright ban on short selling, despite its popularity among certain groups, risks disrupting essential market mechanisms, potentially leading to unintended negative consequences. This decision could inadvertently harm the very retail investors it aims to protect by affecting market functioning and price stability.<\/span><\/p>\n

NEGATIVE IMPACT OF SHORT-SELLING BAN<\/b><\/p>\n

While temporary restrictions on short selling might seem like a prudent response in periods of high market volatility, such as during financial crises or sudden economic shocks, evidence suggests that these bans may not always yield the intended stabilizing effects.<\/span><\/p>\n

Historical analyses, including evaluations of the <\/span>2008 Great Recession<\/span><\/a> and actions taken by <\/span>some European countries<\/span><\/a> in 2020, indicate that the outcomes of such bans are often counterproductive.<\/span><\/p>\n

One critical observation is that widespread short selling often signals a collective market belief that asset prices are inflated. Simply banning the practice does not alter this underlying sentiment. If market participants continue to view assets as overvalued, a ban on short selling will not provide the necessary support to buoy asset prices.<\/span><\/p>\n

Further, prohibiting short-selling can make purchasing assets more challenging. The absence of short sellers from the market reduces the number of available sellers, creating a bottleneck for potential buyers. This scarcity complicates the process of price discovery \u2014 the mechanism through which the value of an asset is determined.<\/span><\/p>\n

As a result, market prices may become more susceptible to fluctuations triggered by individual transactions.<\/span><\/p>\n

Another significant concern is the disproportionate impact of such bans on less-traded assets. While larger corporations might not feel the brunt of a short-selling ban, smaller, lesser-known companies could face more severe consequences. These firms might see their share prices undergo more dramatic shifts in the absence of short sellers, leading to increased uncertainty and risk for their stocks.<\/span><\/p>\n

This volatility is particularly challenging for smaller publicly traded companies, which may find it harder to attract and retain investors amid these unpredictable market conditions.<\/span><\/p>\n

These factors collectively suggest that short selling, often cast in a negative light, plays a crucial role in maintaining market balance. A blanket ban, while intended to protect the market and investors, could inadvertently harm both, including small-scale retail investors and less prominent publicly traded companies, by introducing greater unpredictability and risk in stock pricing.<\/span><\/p>\n

Edited by John Lee<\/span><\/i><\/p>\n

Business & Economy<\/span><\/a>Domestic Politics<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"

Citing illegal market activities that disadvantage retail investors, the South Korean government implemented a complete ban on short selling in early November that will remain in place until July 2024. While this decision has gained support from some voters, particularly those who have felt the adverse effects of short-selling, it has also prompted considerable debate. […]<\/p>\n","protected":false},"author":10407,"featured_media":2202875,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[24,27],"class_list":["post-2202874","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","tag-business-economy","tag-domestic-politics"],"yoast_head":"\nWhy South Korea faces economic controversy with short-selling ban - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2023\/11\/why-south-korea-faces-economic-controversy-with-short-selling-ban\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why South Korea faces economic controversy with short-selling ban - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"Citing illegal market activities that disadvantage retail investors, the South Korean government implemented a complete ban on short selling in early November that will remain in place until July 2024. 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