SINGAPORE - The third-party agent of Singapore’s sovereign wealth fund GIC has paid a 120.6 million won (S$105,000) fine for naked short-selling, according to documents filed by South Korean regulators.

Naked short-selling is the practice of selling a stock short without first borrowing the shares or arranging to borrow them, creating a “failure to deliver” of the shares by the settlement date, unlike regular short-selling, where shares are located and delivered.