THE KOREAN FINANCIAL REGULATORY AUTHORITY APOLOGIZES FOR THE LEVERAGE-BASED ETF DISPUTE AND CLAIMS THAT IT WILL RESTORE MARKET CONFIDENCE

ON 29 JULY, THE HEAD OF KOREA'S MAIN FINANCIAL REGULATORY AGENCY PUBLICLY APOLOGIZED ON 29 JULY FOR THE MARKET DISPUTE TRIGGERED BY THE SINGLE STOCK LEVERAGE EXCHANGE TRADING FUND (ETF). PRIOR TO THIS, SOME INVESTORS AND MARKETERS ARGUED THAT SUCH PRODUCTS EXACERBATED MARKET VOLATILITY AND LED TO A SIGNIFICANT DECLINE IN INVESTORS ' WEALTH. THE CHAIRMAN OF THE KOREAN FINANCIAL SERVICES COMMISSION, BILLEE WING, EXPRESSED HIS APOLOGIES FOR THE FAILURE OF REGULATORS TO MEET PUBLIC TRUST REQUIREMENTS IN MANY RESPECTS. THE PRESIDENT OF THE KOREA FINANCIAL SUPERVISORY AUTHORITY, LEE QINGJIN, STATED THAT THE REGULATOR WAS DOING ITS BEST TO RESTORE MARKET CONFIDENCE。