South Korea's antitrust regulator has fined 12 banks and brokerage firms a record 1.63 trillion won ($1.2 billion) for colluding in government bond auctions, Bloomberg reports. According to the department, from January 2020 to June 2023, market participants manipulated profitability rates and volumes in 150 auctions. The amount imposed was the largest cartel conspiracy fine in the country's history, surpassing the previous record of 747.6 billion won.