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| 금융감독원 (사진=연합뉴스) |
[Alpha Biz=(Chicago) Reporter Kim Jisun] The Financial Supervisory Service confirmed that the former executive in charge of the difference settlement transaction (CFD) of Kyobo Securities committed breach of trust while in office. Kyobo Securities is the first securities company to introduce CFD to the domestic market in 2015 and has the largest balance of CFD transactions.
According to the financial investment industry on the 26th, the Financial Supervisory Service confirmed that an executive in charge of CFD at Kyobo Securities committed a business breach of trust by transferring marketing money that should go to Kyobo Securities from a foreign securities firm, the other party to back-to-back trading, to a local CFD trading system developer in connection with CFD business.
The Financial Supervisory Service is trying to figure out the circumstances of the act and provided the prosecution with reference to the investigation. The Financial Supervisory Service is also checking the payment process by confirming cases in which foreign securities firms paid large fees to CFD system developers.
Kyobo Securities first introduced CFD to the domestic market in 2015. As of the end of March this year, the balance of CFD transactions stood at KRW 618 billion, the largest balance among 13 securities firms engaged in CFD transactions.
Meanwhile, the FSS also confirmed that Kiwoom Securities executives were involved in selling shares before the SG's fall. According to the FSS's inspection of the sales details of eight stocks whose stock prices plummeted, an acquaintance of the executive sold large quantities of some stocks before the stock price plunge.
The Financial Supervisory Service originally planned to wrap up the inspection later this month, but decided to extend the inspection period for a faithful inspection of alleged violations. The final inspection is planned to be completed sometime next month.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
