The Financial Services Commission decided to grant a preliminary approval to Nextrade Co., Ltd. to operate an alternative trading system (ATS) at the 14th regular meeting held on July 19.
The financial authorities have been seeking to introduce ATS platforms to enhance competition between exchanges and promote innovation in capital markets, and this is the first time that authorities are granting a preliminary approval since the legal framework on ATS was first established in 2013.
After a review, the FSC found that Nextrade Co., Ltd. met all licensing requirements specified by the Financial Investment Services and Capital Markets Act (FSCMA) and an external review committee also approved the company’s qualifications to operate an ATS.
Considering the time it is expected to take for preparing a stable network system, Nextrade Co., Ltd. will be given eighteen months from the day of preliminary approval to apply for final authorization.
* Please refer to the attached file for details.