KRX-authorized supervisors

By Kang Yoon-seung

SEOUL, March 29 (Yonhap) -- South Korea's bourse operator said Friday it has finalized the list of authorized supervisors for its new stock market, which is set to be launched later this year to help small firms raise capital.

The Korea Exchange (KRX) said it has selected 11 companies to evaluate and supervise firms to be listed on the envisioned Korea New Exchange (KONEX) market, which is scheduled to open in July.

The authorized supervisors will also be responsible for providing investors with corporate information, the KRX said. Earlier this month, 23 brokerage houses handed in applications to win the status.

Among the nominees, top players whose assets hover above 1 trillion won (US$890 million) included Daishin Securities Co., Shinhan Investment Corp., Hana Daetoo Securities Co. and Korea Securities & Investment Co.

Smaller players such as Kyobo Securities Co., Kiwoon Securities Co., Hi Investment Securities & CO., HMC Investment Securities Co., IBK Investment & Securities Co. and KB Investment & Securities Co. were also included.

"The selection was based on a securities firm's capability to discover companies to be listed on the KONEX, as well as their contribution to the stock market," the KRX said.

The KONEX is expected to foster growth of small- and mid-sized firms, and add to the KRX's business portfolio, which currently operates the benchmark Korea Composite Stock Price Index (KOSPI) and the tech-heavy KOSDAQ market.

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