Mirae Asset Obtains Authorization to Enter Short-Term Finance Market


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Headquarters of Mirae Asset Securities in Seoul (Yonhap)

South Korea’s Financial Services Commission has cleared Mirae Asset Securities to issue short-term funding bills after rigorous scrutiny, sources said on May 12.

With the final approval, the brokerage firm will have more financial leeway to handle larger funds than a regular securities firm, which will allow it to become a so-called mega investment bank. .

A mega investment bank can issue promissory notes with a maximum limit of 200% of its equity with a maturity of one year or less. Mirae Asset can now fund and manage promissory notes up to 18.2 trillion won ($ 16.19 billion).

“We will not surpass our qualification on issuing short-term finance invoices. Instead, we will strive to provide high quality financial products to clients and manage funding in a stable manner in accordance with government policy goals, ”said an official at Mirae Asset.

Mirae Asset first applied for the license in July 2017, but the decision was delayed by nearly four years due to several issues, including sanctions on internal trade between subsidiaries and an alleged violation of national law on foreign exchange transactions.

The financial regulator had previously authorized three local securities firms to manage mega investment banks – Korea Investment & Securities, NH Investment & Securities and KB Securities.

By Jie Ye-eun ([email protected])

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