Mirae Asset Securities Seeks To Enter The Short-Term Finance Market

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Headquarters of Mirae Asset Securities in Seoul (Mirae Asset Securities)

South Korea’s regulator Financial Services Commission on Tuesday began discussing Mirae Asset Securities’ entry into the short-term finance market, a move that would grant the brokerage official status as a mega investment bank.

Four trillion won ($ 3.57 billion) of equity is a prerequisite for a mega investment bank to issue a promissory note with a maximum limit of 200% of its equity with a maturity of a year or less. At the end of December, Mirae Asset’s equity stood at nearly 9350 billion won.

The FSC’s advisory committee, the Securities and Futures Commission, will make the final decision on May 12.

The country’s main financial regulator previously authorized the issuance of short-term funding to three local securities firms – Korea Investment & Securities, NH Investment & Securities and KB Securities.

Short-term financing and the issuance of promissory notes are highly anticipated activities for Mirae Asset. After the merger of Mirae Asset Securities and Daewoo Securities, the local investment firm applied for clearance in 2017.

Until recently, he had encountered obstacles such as the need to resolve issues related to the allegations against the chairman of the Mirae Asset Financial Group holding company, Park Hyun-joo. Park was charged with profit and violating the Foreign Exchange Act in a separate case.

By Jie Ye-eun ([email protected])


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