Financial authorities held an emergency meeting today (23rd), chaired by Financial Supervisory Commission Chairman Kim Byeong-hwan, with related agencies such as the Korea Exchange to urgently review the stock market situation, including foreign and institutional investor supply and demand in Korea, in light of U.S. military intervention in Iran.
Related agencies assessed that the uncertainty over Iran’s response has increased following the U.S. military intervention on the 22nd, heightening volatility in the domestic stock market.
The Financial Supervisory Commission stated that financial authorities emphasized the need to establish a close cooperation system with related agencies, strengthen market monitoring, and thoroughly monitor for unfair trading that exploits market uncertainty, responding with zero tolerance when detected.
There was also consensus on the need to swiftly promote agenda items such as strengthening shareholder protection, improving corporate governance, implementing a one-strike-out policy for unfair acts, and institutionalizing business growth collective investment vehicles and token securities to maintain upward momentum in our stock market, according to the Financial Supervisory Commission.
Financial Supervisory Commission Chairman Kim Byeong-hwan said, “The leap forward of our capital market starts with and is fundamentally based on market stability,” urging financial authorities and related agencies to be vigilant even to minor volatility and to focus all efforts on market stability, given the potential rapid changes in market volatility depending on future developments such as the blockade of the Hormuz Strait.
The meeting was attended by Ham Yong-il, Vice Governor of the Financial Supervisory Service; Jeong Eun-bo, Chairman of the Korea Exchange; Lee Soon-ho, President of the Korea Securities Depository; Seo Yoo-seok, Chairman of the Korea Financial Investment Association; Kim Jeong-gak, President of Korea Securities Finance; Lee Yong-jae, President of the International Financial Center; and Kim Se-wan, President of the Capital Market Research Institute.