Kim Geun-ik, Chair of the Poetry Review Committee, "Warned the Market About 'Fraudulent Illegal Transactions'"

Geun-ik Kim, Chairman of the Market Surveillance Committee at Korea Exchange / Photo by Hyunmin Kim kimhyun81@

Kim Geun-ik, Chairman of the Market Surveillance Committee at the Korea Exchange, announced on the 11th that they are monitoring and informing the market about increasingly sophisticated unfair trading practices such as 'fraudulent unfair trading.'

At the plenary session of the National Assembly's Political Affairs Committee on the same day, in response to the criticism from Kim Han-gyu, a member of the Democratic Party of Korea, that the surveillance function was not exercised before the SG Securities-induced stock price crash, Chairman Kim said, "We provided data on several types of 'fraudulent unfair trading,' a new type of unfair trading, to inform the market."

The Korea Exchange Market Surveillance Committee automatically extracts data suspected of unfair trading activities such as stock price manipulation through its own data system and reports it to financial authorities. There were criticisms that the exchange's market surveillance function did not operate regarding eight stocks that experienced continuous sharp declines due to a flood of sell orders triggered by SG Securities.

Chairman Kim explained, "We confirmed the causes by announcing last year's market surveillance performance, specific types of unfair trading activities, and new types through press releases," adding, "Unfair trading activities that simultaneously involve price manipulation and unfair trading are classified as 'unfair trading' in statistics, which results in lower figures."

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