S.Korea suspends State Street forex business

SEOUL, May 13 (Reuters) - South Korea's financial authorities have suspended the foreign exchange business of State Street Corp's local branch, the institutional asset manager said.

State Street said in a filing that South Korea's Financial Services Commission had ordered its Seoul branch to suspend foreign exchange trading, including futures and foreign exchange swaps, from May 14 to June 13.

The filing was made on Friday and seen by Reuters on Tuesday.

South Korea's financial authorities said that the branch had violated regulations such as foreign exchange position limits between August 2001 and September 2005, according to the filing.

The branch said it had voluntarily corrected the practices before the official investigation and would do its utmost not to repeat them. (Reporting by Cheon Jong-woo; editing by Keiron Henderson and Jonathan Hopfner)

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