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“Peter Stein, CEO of the Asian Securities Industry and Financial Markets Association (ASIFMA), said, “Efforts to improve the foreign exchange (FX) market, tax system improvements such as the deferral of capital gains tax, and inclusion in the World Government Bond Index (WGBI) are positive,” but added, “The Korea discount problem still remains, and this could have a big impact on the Korean stock market.”
In particular, he emphasized that the short selling issue must be resolved by March next year. CEO Stein said, “The most concerning issue is the policy instability as the short selling ban was extended last year,” and “Short selling is a means for foreign investors to hedge their exposure, and short selling is necessary for long-term investment in the Korean stock market.”
He added, “I expect the penalties for violating short selling regulations to become stricter,” and suggested, “At this time, I think there should be cases where violations are made while trading in good faith and taking them into account.”
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