The chief of South Korea's financial watchdog said Thursday that a series of fairness and transparency-focused measures for the country's capital market will be consistently implemented going forward to boost market confidence.
Lee Bok-hyun, governor of the Financial Supervisory Service, said the computerization of a short selling system, coupled with the planned launch of the country's secondary stock market exchange, will help boost investor confidence.
"We will focus on the setup of a transparent, fair paradigm for the capital market," Lee said in a conference on the capital market advancement.
The country is set to resume short selling next month after imposing a temporary ban on the practice in November 2023.
The short selling ban was placed after the financial watchdog uncovered a series of naked short selling violations involving several global investment banks.
In addition, an alternative trading system will set sail next month for greater efficiency and convenience in the trading of securities, heralding an overhaul in the country's stock market.
Currently, the Korea Exchange, launched in 1956, is the country's only national operator of the stock market.
The country's secondary stock trading platform, Nextrade, will run for 12 hours from 8:00 a.m. to 8:00 p.m., longer than the trading hours of the main bourse operated by the KRX, which is open from 9:00 a.m. to 3:30 p.m.
The NXT will also offer lower fees compared with the main bourse and introduce different stock bid and ask prices.
The FSS chief said authorities will continue efforts to safeguard investors. (Yonhap)
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