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S.Korea to introduce electronic securities system by 2019

Xinhua, May 21, 2015 Adjust font size:

South Korea planed to introduce an electronic securities system to enable all securities under the capital market act to be issued and traded via the computerized network instead of paper securities, the financial regulator said Thursday.

The electronic system, which is scheduled to be launched as early as in 2019, would reduce the costs of securities issuance, prevent fabrication, and enhance transparency of securities trading, according to the Financial Services Commission (FSC).

The system, under which securities are issued and distributed with the computerized registration, was estimated to reduce costs of about 435 billion won (400 million U.S. dollars) in the next five years after the implementation.

All securities under the capital market act will be subject to the computerization, including listed stocks and listed bonds, profit-making securities, derivatives-linked securities and depository securities.

The FSC planed to submit the related regulation to the parliament during a regular session within this year, aiming to kick off the system as early as in 2019. Endi