A surge in South Korean stock market turnover is making securities subsidiaries a key earnings driver for financial holding companies. Average daily turnover in the second quarter is estimated at 89.6 trillion won, up 28.6 percent from the first quarter, with May topping 100 trillion won for the first time. Brokerages are expected to post sharp profit gains, supporting non-interest income. Risks include bond valuation losses, higher credit costs and tighter rules on single-stock leveraged products.

Korea Exchange said on June 25 that Park Sang-wook (박상욱), head of its clearing and settlement division, has been elected to the executive committee of the Global Association of Central Counterparties, known as CCP Global. Park was elected at CCP Global’s general meeting held on June 24 local time in Amsterdam. The association represents central counterparties that provide clearing and settlement services in capital markets.