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Finance

Meritz Securities licensed to issue commercial paper, expands operators to nine

Meritz Securities has joined the commercial paper market after receiving designation as a major investment business operator and approval for short-term financing. The Financial Services Commission said it approved the designation for firms with at least 4 trillion won in equity capital and granted Meritz approval for short-term financing at a meeting on Sept. 23. The approval raises the number of eligible operators to nine.

Finance

Samsung and Meritz join, expanding bank debenture market

Competition in South Korea\'s bank debenture market is widening as Samsung Securities begins sales and Meritz Securities awaits final approval. Brokerages are offering high-yield promotional rates to attract customers while managing profitability as funding costs rise. The market totaled 55.93 trillion won at end-June, up 26.0 percent from a year earlier. Despite new entrants, the largest four firms still hold most balances, while rules on risk capital and real estate exposure are tightening.

Finance

Meritz Securities nears ninth short-term note issuer status after SFC approval

Meritz Securities is close to becoming South Korea\'s ninth securities firm licensed to issue short-term notes after passing a review by the Securities and Futures Commission under the Financial Services Commission. Only a final decision at the FSC’s regular meeting on Sept. 23 remains. The firm’s approval timeline was delayed after it was dropped from an earlier agenda. Samsung Securities has completed the process and will start selling its first product on Sept. 21.