Hong In-gi, Former Exchange Chairman, Passes Away... Led Domestic Introduction of 'Futures and Options' Derivatives Market

Published 18 Feb.2024 20:49(KST)

Hong In-gi, former chairman of the Korea Stock Exchange (now Korea Exchange), passed away on the 17th. He was 86 years old.

Hong In-gi, former Chairman of the Korea Stock Exchange (now Korea Exchange) <br>[Image source=Yonhap News]

Hong In-gi, former Chairman of the Korea Stock Exchange (now Korea Exchange)
[Image source=Yonhap News]

Born in Seoul in 1938, the late Hong graduated from Seoul High School and Seoul National University College of Law. While a senior at Seoul National University College of Law in 1959, he passed the higher civil service examination in the administrative division and began his public service career as an official at the Ministry of Finance (now Ministry of Economy and Finance). From 1969 to 1973, he served as the first director of the Securities Insurance Bureau at the Ministry of Finance before moving to the private sector, where he served as president of Dongyang Securities, Dongseo Securities, and Korea Industrial Securities. From 1978 to 1985, he was also the first president of Daewoo Shipbuilding & Marine Engineering.

From 1993 to 1999, he served as chairman of the Korea Stock Exchange. During this period, he led the introduction of the derivatives futures trading market by establishing the futures and options markets for the first time. In addition, in 1996, he enabled after-hours trading, and in 1997, he fully computerized stock trading, which are also considered his achievements.

After stepping down as chairman of the exchange, he took to the university lectern. He served as an adjunct professor at Sogang University and Hanyang University, and from 2008 to 2016, he was a visiting professor at the Korea Advanced Institute of Science and Technology (KAIST) College of Business.

He is survived by his wife Han Su-hwa, two daughters (Hong Seung-hee and Seung-yeon), and son-in-law Kim Woo-kyung. The funeral is being held at Samsung Seoul Hospital Funeral Hall, Room 12, with the funeral procession scheduled for 5:45 a.m. on the 20th. The burial site is Somang Hill in Gonjiam.