À̹ÌÁö È®´ë Korea Exchange (KRX) CEO Jung Ji-won.
Members of Kosdaq market will be able to recruit outside auditors and agencies to handle disclosures on their behalf, an exemption currently allowed for foreign companies, to ease their burden and prevent law-breaking mishaps, the market operator said.
Outside professional could help prevent erroneous disclosures and lower the burden of paper work for small businesses, Jung Ji-won, chief executive of the Korea Exchange (KRX), told reporters on Monday.
Under the system, Korean companies listed on the Kosdaq market will be able to leave their public disclosure assignments to third-party companies such as law firms, accounting firms and consulting organizations. The KRX will also seek ways to shorten the off-hour trade from the current one hour to 30 or 10 minutes in the second half of this year in a bid to increase trading efficiency and prevent possible irregularities.
Regarding the short selling controversy triggered by Samsung Securities¡¯ dividend fiasco and Goldman Sachs¡¯ suspected rule violation, Jung said the KRX will form a joint task force team with other related organizations to identify an optimal system to monitor stock balance and trade before launching the system during the first quarter of next year.
He also said the KRX is inspecting irregular transactions of abuse in short sales and violation of rules and will take its own punitive measures against Samsung Securities and Goldman Sachs, separately from actions from financial regulators.
The Korea Exchange also decided to set up a system called K-ITAS, or KRX-Insider Trading Alarm Service, to prevent trading of shares by insiders. The system will trace transactions of shares of a listed firm by its own employees and notify the company of the details.
By Chung Seul-gi and Minu Kim
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