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Finance
Investment firms on edge ahead of parliament audit as leverage losses, finance hacking loom
South Korea\'s financial investment industry is bracing for a parliamentary audit that is expected to focus on investor protection and information security. Lawmakers are set to question regulators over the rollout and supervision of single-stock leveraged and inverse exchange-traded products after disclosures of retail losses. The expanding hacking incidents across financial institutions have also put securities firms\' security and internal control systems under scrutiny, alongside calls for tougher preventive inspections.
Finance
FSS urges brokerages to review IT security, respond immediately to investor losses
South Korea’s Financial Supervisory Service called on securities firms to conduct a full review of their information technology security and internal control systems after a series of hacking incidents in the financial sector. At a meeting with audit officials from 21 major brokerages, the regulator discussed measures to strengthen IT security and investor protection. It also urged firms to ensure internal controls work in sales operations and to shift audits toward prevention.
Finance
Korea Exchange to ease trading rules to make market alert stocks easier to buy
The Korea Exchange has signalled plans to ease trading rules by exempting certain market alert-designated stocks on the KOSPI, KOSDAQ and KONEX from a requirement to collect 100 percent cash margin on buy orders. The exchange said it aims to rationalise regulations in line with global standards amid criticism from foreign, retail and institutional investors. It also plans to delete a related rule in KOSDAQ regulations and seek opinions through April 30.
