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FINWIRES

South Korea Outlines New ETF Curbs After Emergency Market Meeting Over Tech Sell-Off

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South Korean financial authorities pledged swift action to stabilize markets after convening an emergency meeting on Wednesday, following a sharp sell-off in semiconductor stocks, the finance ministry said in a same-day release.

Representatives from the Ministry of Economy and Finance, the Bank of Korea, the Financial Services Commission, and the Financial Supervisory Service attended the meeting.

The agencies attributed the recent market volatility to intensifying Chinese competition in the memory chip sector, concerns regarding U.S. technology firm financing, and concentrated retail bets on single-stock leveraged exchange-traded funds (ETFs).

The agencies plan to maintain 24-hour market monitoring and put in place additional measures from Friday, including stricter limits on leveraged products, higher transaction costs for excessive trading, simulated trading requirements and more.

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