The Korea Financial Investment Association (KOFIA) has renewed its efforts to establish an alternative trading system (ATS) in four years.
Investment banking (IB) industry sources said on Jan. 9 that the association has recently formed a task force to carry out the capital market innovation projects promoted by Korea’s financial authorities.
A senior official of a security company said, “The 12 innovation projects to be carried out by the task force include the establishment of an ATS. Major securities companies which are interested in the ATS will also send some employees to it.”
The task force will be joined by large securities firms that considered investing in the ATS in 2015, such as Korea Investment & Securities Co., NH Investment & Securities Co., KB Securities Co., Mirae Asset Daewoo Co., Kiwoom Securities Co. and Shinhan Investment Corp.
The establishment of an ATS was first promoted in 2015. Then KOFIA and seven major securities companies formed a task force and pushed for its establishment but the plan was put on hold due to opposition from civic groups in Busan.
The project was revived in line with the government’s efforts to create jobs.