Financial Services Commission Grants Preliminary Approval to Dutch-based IMC Securities
[Asia Economy Reporter Park Jihwan] The entry of foreign securities firms into the domestic securities market is taking place after 3 years and 6 months. Previously, China’s China Merchants Securities received approval from domestic financial authorities in June 2017.
On the 13th, the Financial Services Commission held a regular meeting and announced that it had approved the preliminary license for Korea IMC Securities' financial investment business.
Korea IMC received preliminary approval solely for market making activities as a market maker under the Korea Exchange’s regulations for the KOSPI and KOSDAQ markets, and for equity securities trading for the purpose of hedging associated risks. The capital is 15 billion KRW.
The Financial Services Commission explained, "Market making functions contribute to activating trading of stocks with low liquidity in the stock market, and the entry of foreign financial companies helps in establishing a financial hub." It also stated, "We will strengthen supervision so that market makers, including the preliminarily approved securities company, can fulfill their original roles."
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Currently, there are 12 securities companies acting as market makers in the stock market, of which 3 are foreign securities firms. IMC was founded in 1989 by two traders from the Amsterdam Exchange in the Netherlands and has specialized in market making and algorithmic trading (a trading system where programs automatically create and submit quotes according to certain rules) across global exchanges.
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