In Line with Growing Investment in Foreign Stocks
The Korea Securities Depository (KSD) is seeking to lower the settlement fees for foreign currency-denominated securities in the second half of this year. KSD CEO Lee Byung-rhae announced this and other initiatives the company is planning to promote in the second half.
The KSD plans to improve its global investment support services in line with growing demand for overseas investment. It is planning to set up a global information management team that will oversee system improvement. It will also sign a special contract with securities depository institutions in foreign countries that requires them to compensate for the losses investors suffer due to their negligence.
The KSD will also seek to lower fees in October. It is planning to lower stock clearing fees by 11 percent on average for stocks of such countries as the United States, China and Vietnam in which domestic investors are highly interested, but also Europe, including the United Kingdom and France.
In addition, the KSD has decided to make every effort to stabilize an electronic securities system that goes online on Sept. 16. Upgrading an electronic voting system is also another major project of the company. Lee said, “We will stabilize the electronic securities system, which will help the domestic capital market take a leap forward.”