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Posted : 2012-04-05 16:30
Updated : 2012-04-05 16:30

Seoul to open stock market for smaller firms this year

Korea will launch a stock market for small and mid-sized firms in 2012 to help them raise capital by selling shares, the country's financial regulator said Thursday.

The Financial Supervisory Service (FSS) said the new stock market, tentatively named the Korea New Exchange (KONEX), will be opened within this year after public hearings and revisions to related market regulations.

The FSS said a series of policies to aid funding for such firms will be mapped out in the future, it said.

According to the FSS, only professional investors will be allowed to trade in the new stock market. Individual investors will be allowed to participate in the market through mutual funds, it said.

The Korea Exchange, the nation's bourse operator, will operate the KONEX, the regulator said.

Currently, the Korea Exchange runs two stock markets -- the main bourse KOSPI market and the tech-laden KOSDAQ market. (Yonhap)

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