Eun Sung-soo "Short Selling Resumption, System Pilot Operation on the 20th of This Month"

Eun Sung-soo, Chairman of the Financial Services Commission, is attending the meeting with CEOs of major banks held at the Bankers Association Building in Myeong-dong, Jung-gu, Seoul, on the morning of the 1st.

[Asia Economy Reporter Junho Hwang] The Financial Services Commission will begin a trial operation around the 20th of this month for system inspection, ahead of the resumption of short selling in the stock market on the 3rd of next month.

On the same day, Eun Sung-soo, Chairman of the Financial Services Commission, met with reporters after a meeting with CEOs of financial investment firms regarding the enforcement of the Financial Consumer Protection Act, stating, "As I briefly mentioned at the meeting, the Korea Exchange and most securities firms have completed the systems required for the resumption of short selling."

For the partial resumption of short selling, securities lending and matching systems must be fully prepared. Most securities firm representatives said they have completed these two systems. According to Chairman Eun, even those firms that have not yet completed them responded that they will have the systems ready by the time short selling resumes.

In particular, Chairman Eun said, "Unlike the securities firms’ preparations, individual investors have significant concerns, so I asked the representatives to pay special attention," adding, "When the representatives pay attention, their staff will pay even more attention."

He continued, "I told them to think of it as if I were visiting a private company around the end of April to conduct an inspection, and to check their company’s current status in advance. We plan to complete all system inspections by around the 20th of this month and conduct a test run," he explained.

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