Chairman Choi Kyung-soo of Korea Exchange (KRX) said in his New Year’s address that KRX should explore new earnings sources through Creative Finance, trusty finance, and global finance, confident that the new year would be a year to end the long slowdown if the strategies of the business community and the government measures to ease regulations are combined.
“We should push our drive to introduce dynamism into the stock market in the new year so that investors and listed firms can grow through Creative Finance. First of all, we should work to attract more investments into the market by coming up with various diverse means to improve the investment environment in the stock market, not just stopping at streamlining the systems and infrastructure. We will also eliminate various burdens on companies that want to secure funding through the stock market by listing their shares.
“KRX will also work hard to recover public trust in the stock market by improving the investment environment and removing all kinds of unfair practices in the market by strengthening the watch for those activities to ensure that investors’ activities will be done in a fair environment.
“KRX will pave the way for firms to be listed on the stock market by building a stable ladder for Konex, Kosdaq and Kospi, a growth link for the Creative Economy so that all companies that list their shares on KRX will be successful.
“Following the creation of the market for electronic transactions of oil products and the gold market, a market for carbon dioxide exposure rights will be set up so that industry and finance can be combined in support of the Creative Economy,” Choi said.
“KRX will begin its work from March to reduce CCP, or under the counter derivative products, and expand its numbers after eliminating bad ones so that CCP can be a safety pin for the financial market.
“Remodeling of individual stock options, variable index futures and new derivative products like long-term bonds and medium-risk and medium-level profit investment commodities will be introduced to the stock market in a bid to provide support to investors in future commodities so they can manage their risks more effectively.”
“KRX will also reform its management system to become a servant for its customers, developing a new model for state-owned firms.
“KRX will strive to become a leader in the global stock exchanges rather than a follower from now on. KRX will operate the EXTURE+, a new stock transaction system, starting this year to be ready to be a global leader and also expand its export market for its IT stock transaction system to the rest of the world, not just Asia, after making the system globally competitive like the Hallyu exports and through stepped-up marketing operations, Hong said.
“The KOSPI 200 will continue to expand its listings in well-known global stock exchanges so that it will pave the way for domestic financial firms to set foot in overseas financial markets like a bridgehead.
“If the economic growth for this year is close to 4 percent as projected and the government eases regulations as it promised, the capital market will be able to break out of its dark tunnel of slowdown and take a new step for growth,” the chairman predicted.
Choi closed his New Year’s speech by saying, “Let’s not drop the rope for hope and have strong confidence that we can do anything.”
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