Exchange Union Demands End to Manipulation in Derivatives Market Division Appointments

The Korea Exchange Labor Union stated on the 17th, regarding the appointment of the next head of the Derivatives Market Division, "Stop parachuting in personnel from the Financial Supervisory Service."

The Korea Exchange Labor Union held a "Derivatives Market Head Selection Competition" performance on the 17th at its headquarters in Busan and Seoul office building. Korea Exchange Labor Union

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On this day, the union held a 'Derivatives Market Headquarters Chief Selection Competition' performance at the headquarters in Busan and the office building in Seoul, publicly criticizing the reality that the position has been reduced to a reward post for a specific group. The union added, "In the United States and Europe, so-called 'career derivatives market professionals' with deep expertise and years of hands-on experience in the derivatives market are being appointed as top executives."

The union also commented, "President Lee Jaemyung has consistently expressed a strong commitment to the advancement of the capital market since taking office," and criticized, "Maintaining the Derivatives Market Division head position as a conventional career path for retired Financial Supervisory Service officials is a clear contradiction to this policy direction and is self-contradictory."

The union emphasized, "The appointment process for the Derivatives Market Division head, who is a registered executive of the exchange, must be fair and understandable to both members of the organization and market participants," and demanded, "Disclose the criteria for candidate selection, the verification process, and the decision-making procedures transparently."

The union further stated, "Financial authorities must clarify their stance on the fact that current personnel practices are at odds with the government’s philosophy of state management and the principle of capital market advancement," and called for "a responsible explanation regarding repeated personnel intervention controversies and the immediate implementation of institutional reforms to guarantee the personnel independence of the organization."

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