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- On December 15th (Wed), the 'Joongbong Alumnus Scholarship' award ceremony was held to support the smooth academic completion of business school students. The scholarship ceremony was attended by Chairman Lee Hyun-koo(Business Administration 68, Lacasa Works Co., Ltd.), Ahn Hee-jun, Dean of Business school, Lee Jong-eun, Vice Dean, Kim Jong-wook, Vice Dean/ Director of Management Research Center, Chang Young-bong, Dean of global Business Administration, and Lee Jeong-sang, Secretary General of Business School Alumni Association. A total of five students were selected as scholarship students, including Ko Da-kyung, Kim Yoon-seo, Kim Hye-hyun, Pyo Kyung-hoon (the Department of Business Administration), and Lee Kyu-ho (the Department of Global Business Administration). The criteria for support were students with 12 or more credits each for the previous two semester among the 2nd and 3rd graders of business school, with an average rating of 4.0 or higher while attending, and the Business School Fund Steering Committee conducted an evaluation on applicants and finally selected scholarship students. On this day, Pyo Kyung-hoon (Business 17) student expressed his gratitude, saying,"I will become a legal professional in the future and try not to forget the help I received and live a rewarding life to help my neighbors in need." Chairman Lee Hyun-koo replied, "We expect students to grow into the same age as the state and social development in the future, and we hope that good results will lead to the reward of donors."
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- 작성일 2022-01-04
- 조회수 20
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- [New professor special] A collection of interviews with Professor Chae In-young, Park Jong-hyun, and Kim Dae-jin
- Professor Chae In-young : https://skb.skku.edu/bizskk/community/news.do?mode=edit&articleNo=119686 Professor Park Jong-hyun : https://skb.skku.edu/bizskk/community/news.do?mode=edit&articleNo=120604 Professor Kim Dae-jin : https://skb.skku.edu/bizskk/community/news.do?mode=edit&articleNo=123660
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- 작성일 2021-12-30
- 조회수 22
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[New Professor Special] 'College life is an important time to decide your career.'
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Our college of Business is strengthening its core values of education and research, and is striving to nurture talents for student success and future value creation. To this end, three new teachers were appointed in the second semester of the 2021 school year, their majors were marketing(1 person), management information(1 person), and FinTech(1 person), and they were invited to be teachers with excellent competence in each field. This time, we met Professor Kim Dae-jin of
, a new teacher who became a family member of business school, and listened to 'major research activities, majors, and future plans' Q1. Hello, professor. Nice to meet you like this! Please introduce yourself, professor. Hello, I'm Kim Dae-jin, majoring in Fintech Convergence and Finance from the 2nd semester of 2021. I worked at UNIST in Ulsan until the last semester and then I became Sungkyunkwan University. I graduated from the Department of Trade in Business School. After graduation, I worked as a bond fund manager for Hyundai Investment Trust Management and Kyobo Investment Trust Management for seven years, and decided to study abroad in 2005, earning a master's degree in statistics at Stanford University and a doctorate in business administration at Vanderbilt University. And I was appointed to UNIST in 2014 and worked until last semester. Q2. Please briefly introduce your major, and what made you choose your major? I am currently a member of the Fintech Convergence Major and Finance Division, and I study market microstructure, derivatives, and portfolio management in the field of finance, as well as corporate governance and corporate finance. Recently, I am interested in studying various problems of finance using machine learning and natural language processing techniques. The reason I became interested in this field was that I was most interested in finance since I was undergraduate student, and after graduation, I naturally became interested in the field of research after working as a bond fund manager in the market for a long time. Also, while working at science and technology institution such as UNIST, I became interested in the field of fintech by conducting convergence research and education on engineering and finance. The market microstructure my most basic research field, is a research field in finance that studies the mechanisms of the market, the pricing process, and the behavior of market participants. In general, the price and value of an asset should be the same, but market prices may not reflect the value properly due to various factors and systems in the market. Typically, many asset pricing models assume that investors can immediately buy and sell the assets they want regardless of size However, that's not the case with the real market. For example, the price gap between the buyer and the seller always exists and is not constant, sometimes there is an upper and lower limit system, and the securities market we trade in cannot be traded 24 hours a day. In other words, liquidity does not always exist in the market, and in many cases, investors bear direct or indirect transaction costs. Therefore, my study analyzed how these various factors affect the price of assets or the behavior of investors and conducted a study on how to create a fair and efficient stock market. In addition, recent technological advances are promoting the convergence of traditional financial and IT industries. Traditional financial companies are changing through the development and launch of new products and services using various technologies, and non-financial companies are also attempting to provide various advanced financial services based on new technologies. Therefore, my research direction is also very interested on how various artificial intelligence and newly introduced machine learning techniques can solve various problems dealt with in existing finance, and how technological advances affect investor protection and fair market formation. Q3. Please tell us how you feel about starting anew at Sungkyunkwan University's business school and your future plans. First of all, I am very honored to be a professor at a prestigious university such as Sungkyunkwan University. Above all, I think it is most important to raise the reputation of the school and cultivate great students through good research and lectures. If the status of the school increases through good research, we will be able to invite better researchers, and if good students are produced through good education, we will create an environment where better students can come. After all, I think providing good research and good education, which is my original mission, will help the development of the school. Q4. Professor, please briefly introduce your class. I'm in charge of investment theory in the undergraduate department and financial machine learning in the graduate school. The most important content of undergraduate investment theory is portfolio composition and asset pricing theory. Basically, the portfolio composition starts with determining the ratio of risk-free and risky assets. So, while dividing risk-free and risky assets is simple, at what rate should we organize numerous assets in the market? In particular, can we use numerous risky assets to create one representative risky asset that all investors can agree on? So how, is the return on such risky assets or the risk premium determined? These have been studied by many financial economists, including Markowitz, Sharpe, Merton, Scholes, and Fama, who won the Nobel Prize in Economics. The investment theory will learn the content easily. In addition, graduate school subjects teach various machine learning techniques and how to apply the contents to financial data. Q5. What are the future research plans of the professor? Professor Zingales, a professor at the University of Chicago In 2015, Zingales, a professor at the University of Chicago, gave a keynote speech titled 'Does Finance Benefit Society?' in which 57% of people disagree when asked if financial innovation leads economic development. Although the financial industry is a very important industry among national industries, the public's perception of financial institutions or the financial industry is not favorable. Looking at the recent series of financial scandals, I don't think Korea will be very favorable either. Professor Zingales' argument is that academia should conduct research and education to reduce this difference. The mission of the U.S. Securities and Exchange Commission (SEC) aims to protect investors, promote capital formation, and maintain a fair, orderly and efficient market. In other words, the financialist's research goal is not much different. Through my research, I will find problems that can harm investor protection, create a financial market that can facilitate capital raising and investment functions of companies and individuals, and find systems and rules to create a more efficient and fair market. Recently, the financial market has been changing from a market that relied on the judgement and ability of traders and operators in the past to a market where new trading techniques and portfolio composition based on various high-tech artificial intelligence techniques are generalized. In line wiht these changes, My research field is also expanding to research on unfair trade detection in market usin artificial intelligence, suggesting the development direction of ETF and derivatives markets through index development using text and image data, and research to resolve market information imbalances through the use of various markets and corporate-related big data. The development of artificial intelligence technology can lead to new findings of phenomena that have not been observed in the financial market or new implications in the financial market due to the use of artificial intelligence, so there is a growing need for research that can look at new topics that have been studied in finance and suggest directions. Therefore, my research direction aims to design a fair and transparent market according to the changes in various financial markets caused by new techniques such as artificial intelligence, suggest directions for asset management or trading techniques, and create a fair and transparent market through new types of investment behavior analysis. Q6. Please tell us about the ideal educator you think of. In many cases, I try to emphasize understanding and utilization rather than memorizing. With the development of the internet and information and communication today, it is not that difficult to learn much about finance. However, it seems to be a different problem to use various theories in combination with actual data. For example, when calculating stock volatility, standard deviation is usually used using past yield data. By the way, how should we use the data for which period? There are many formulas in finance. But how will it be used in the real market? Many formulas are all over the internet. Even if you look up complicated formulas, you'll find them all. The question is, what variable should be calculated and how to obtain a desirable A? And for what economic reasons should the formulas be derived and only do so? I think it is important for ideal educators to use it and provide education that can induce students to think their better in addition to delivering knowledge. Q7. If you have anything to say to students studying hard at Sungkyunkwan University's College of Business, please tell them. I think I understand the concerns and goals of business school students as I graduated from business school and worked for a long time in a financial institution. Business schools enter various industries compared to other majors. In a way, business majors are very wide, so it may not be easy to focus on a specific field. It's very important to understand what the company you're working for is doing and what products and services you sell. I hope you develop your expertise accordingly. Imagine what kind of talent you want to work as in society or business after graduation. If you get a job in a specific industry after graduation, it's not easy to move to another industry. It is not easy for friends who went to the financial sector to move to the manufacturing sector or for friends who went to the manufacturing sector to move to the financial sector. It's possible to move to a company in the same industry (of course, you have to have excellent expertise), but it's not easy to change industries. Therefore, your first job after graduation will be a very important decision to determine the rest of your life. As college is an important time to decide on the rest of your career, please clearly set your career goal and boldly pursue it. Finally, my lab is open at any time, so students who want counseling or who are interested in financial institutions are always welcome. -
- 작성일 2021-12-28
- 조회수 19
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[New Professor Special] 'College life is an important time to decide your career.'
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- Opening ceremony of the International Hall Student Lounge.
- On December 15 (Wed), the opening ceremony of the Global Business Department and the Global Economics Student Lounge (third basement floor of the International Hall) was held. The opening ceremony was attended by Ahn Hee-joon, dean of business school, Kim Sung-hyun, dean of economics school, Jang Young-bong, dean of global business administration, Lee Dong-won, dean of global economics administration, Lee Tae-hyo, administrative director of the Department of Economics/Business/Chinese Graduated School, Woo Sang-joon, the 13th Global Business Student Chairman, Jeong Jin-woo, the 14th Global Economics Student Chairman. This student lounge improvement project was carried out in cooperation with the two departments' administrative offices and student associations over about six months to prepare alternative spaces to cope with the space limitation of the student lounge on the second basement floor of the international building. The student lounge is expected to play a big role as a new student activity space in the future, as it becomes a space where students from the Department of Global Business and Global Economics can freely enter and communicate with each other.
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- 작성일 2021-12-22
- 조회수 32
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- Interview with Park Jeong-hwan (Business 15) classmate, "Graduated with the Excellence Award and Sungkyun Grand Prix Gr
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1. Hello, please introduce yourself first. Hello, I'm Park Jeong-hwan, majoring in business administration at Sungkyunkwan University. I completed my bachelor's degree with a senior graduation from business school by maintaining good academic performance during the 8th semester and winning the Business School Performance Excellence Award and Sungkyunkwan's Best Diploma Award at the degree conference in August this year. I'm so proud to be part of this interview^^ 2. I heard that you won the dean's award in the 2021 Degree Award for Excellence in Performance/Research. Please give us a brief acceptance speech. I ran with great greed for my academic performance every semester, and I felt like I received it as a result of my efforts, so I was very satisfied with the graduation ceremony. Of course, I was very proud and happy when I heard that I received the dean's award, and it was even more meaningful in that I believed in my own potential again at a time when I was about to take on a bigger challenge in the future. As soon as confidence declined due to lack of visible results during the career preparation period after graduation, it became a big driving force in studying for a long time toward the dream of becoming a legal professional. One regrettable thing is that I couldn't receive the award in person because I attended the offline graduation ceremony due to COVID-19.
3. Is there any indoor and outdoor activities that you participated in when you were an undergraduate? Please introduce the most memorable activities Immediately after entering college, I entered the b-friendz of the Business School Association in March and found it very rewarding in the process of helping my business classmates' needs for a year. In particular, the most memorable project is the "one-on-one matching project for group volunteer activities", which matches the demand for volunteer work and the supply of students. In connection with the Jongno-gu Volunteer Center, I tried to help business school students do regular volunteer activities in Munmyo and Gwanghwamun by class. It was the activity that gave the greatest sense of accomplishment in that it allowed social service to promote friendship between classmates. In addition, in order to solve the financial burden of students due to major books during student council activities, the 'major flea market' was activated to trade with each other at reasonable prices, forming a small network of sharing in the school. The fact that we can maximize the convenience and happiness of our classmates has been the driving force behind our sense of mission. After the 8th semester, I served as a policy intern in the National Assembly of Korea and assisted in the legislative process. In particular, we have requested a 'Partial Amendment to the Shipping Act' that subsidizes the entire fare so that preschoolers in islands can use coastal passenger ships free of charge. I was proud that I could actually help the common people by proposing a policy that could reduce the burden of childcare costs and private shipping companies at the same time. 4. You have received several excellent grades scholarships, do you have your own secret? In this regard, I have received stepping stone scholarships, six excellent grades, and four Dean's List, so I think I can give you more realistic advice. I think it's something that many juniors are curious about^^ First of all, I think it is a basic and important step to carefully prepare for the 'class application' a step you choose, among various major and liberal arts subjects and professors who teach them. I think it is essential to carefully examine the lecture reviews and lecture plans and find classes that suit your interests and strengths. Next, it was most important to put the intensity of efforts to invest in business major, law subject, and liberal arts subject in a balanced manner. While there are subjects that you can understand well even if you spend relatively little time on, there are subjects with strong memory volatility such as majors and laws, so I have invested more time in these subjects. To be specific, I tried to think of highly volatile subjects in my head during the extra time spent along during work, such as using public transportation. Rather than taking a close look, it is recommended to follow the entire progress quickly and study the easily forgotten parts again. In addition, there is a common way to apply it to all subjects, I studied with a focus on the structure and connectivity between details before memorizing them. It's good to open a book recklessly and memorize it exactly for each part, but if you can think structurally about how many chapters and which sub-topics you belong to, you can write logical answers especially in multiple choices and descriptions. 5. What are your future careers and goals? Earlier, I decided on my dream career as a legal professional, and after graduation, I am currently trying to go to law school. Recently, I went to the Seoul High Court and watched civil and criminal trials, seeing the reality that ordinary people who are ignorant of the law are not protected by the law because they do not learn the law separately. I want to be a legal professional who works hard to resolve disputes smoothly and help them. Since one legal provision has a great influence on the lives of countless people, I want to grow into a legal professional who provides legal advice with a heavy responsibility. 6. Lastly, please give advice to your classmates at the business school. I recommend you to meet not only business school students but also people with dreams in various fields and find your own identity and strengths during college life. Since each individual has a different opportunity and time to have a dream, I don't think it would be helpful to give direct advice to my classmates that 'this kind of activity will do better'. I think there will be friends of the type who find the best way to suit their aptitude in the process of dividing time between study and multiple activities, while friends who understand the path they want clearly and prepare intensively. Don't be too impatient, understand for yourself what kind of person I am, and I hope you will develop your career path in a way that suits your dream. -
- 작성일 2021-12-16
- 조회수 58
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- CEO Hwang Kyu-jong, Developing Seohak Gaemi Bot_"In Korean within 8 seconds of the U.S. disclosure..." "It'll be Google
- Hwang Kyu-jong, CEO of Waiker, who met at the office in Gangnam-gu, Seoul on the 26th of last month, introduces articles written by AI reporter Seohak Gaemi bot. He said, "We will narrow the gap between experts and ordinary investors in overseas stock information with Seohak Gaemi bots," "Professional bankers and analysts also take hours to organize U.S. stock market fluctuations, economics indicators, earnings, and dividends every morning. It's a necessary data, but in the area of the Fourth Industrial Revolution, I wondered if this was something that humans had to do". Hwang Kyu-jong (30), CEO of AI startup Waiker, who developed Seohak Gaemi bot in the Chosun Ilbo, said in an interview with our newspaper on the 26th, "I want to innovate labor-intensive securities industry with artificial intelligence". Seohak Gaemi bot summarizes it in Korean in eight seconds when the disclosure is made on the U.S. stock market and shows it on Chosun.com. Seohak Gaemi bot, which started its service on the 9th of last month, is a kind of AI reporter who analyzes the disclosure of U.S. companies in real time that looks like a ciphertext filled with technical terms and numbers and writes articles in Korean. For example, when Elon Musk, the founder of Tesla, an electric vehicle company, announces that he has sold shares, data is extracted and transmitted to a Korean article. CEO Hwang said, "We pour out up to 400 articles on 611 stocks listed on the U.S. stock market overnight" adding, "Recently, we delivered the news that Musk sold a large number of stocks faster than major foreign media. CEO Hwang is a new entrepreneur who started his first business last year. After graduating from the Department of Business Administration at Sungkyunkwan University in 2018, he started his career as a private banker at Samsung Securities. Even after work, he had to find, read, and organize reports on the internet overnight to discover companies or industries to invest in. Bloomberg's investment information terminal, which is located in each securities firm, also has tens of thousands of employees around the world entering information with their hands, he said. "We thought about whether there would be a way to overcome this inefficiency technically." Then, in January, he joined forces with people he knew while serving in the military and founded Waiker. CEO Hwang said, "I served in the military at the Armed Forces Command, and the company commander next to me was a Kakao developer, so I brought him to the CTO, and other executives met in the military. CEO Hwnag said, "Seohak Gaemi bot is getting smarter". At the time of development, they only made a one-line message, such as 'who sold how much stock', but as if teaching a beginner reporter, they continued to learn AI to provide detailed information required by readers. Recently, it has been upgraded to display actual fluctuation rate figures, including 6% and 17% of articles on a sharp rise in stock prices, which had only been shown as a surge of more than 3% and below. Articles announcing the sale of shares by major shareholders were also required to accurately classify the positions of the top management (level C), and to specify separately if they are key shareholders who own more than 10% of their shares. CEO Hwang said, "We will continue to add functions to help investors overcome language and knowledge barriers through Seohak Gaemi bot." adding, "We want to be Google and Bloomberg in the investment information industry in the future. CEO Hwang will also launch a trial service Waiker, an overseas investment information platform, at the end of the year. Wakier is equipped with a function to analyze market conditions and corporate information not only in the United States but also in 13 major developed countries. Source : Chosun Ilbo(chosun.com)_In Korean within 8 seconds of the U.S. disclosure... "It'll be Google in the investment industry"
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- 작성일 2021-12-13
- 조회수 40
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- Professor Kim Young Han published the book 《Rich, Face, Technology》.
- Professor Kim Young Han published the book 《Rich, Face, Technology》. Professor Kim Young Han from Sungkyunkwan Universityf Business school published the book 《Rich, Face, Technology》. It is said that risk, return on investment, and management style of the company can be known by analyzing the CEO's physiognomy. Through a calculation method called "fWR", which calculates the width of your face divided by the width of your eyebrows and upper lips, The horizontally flat physiognomy is called a "manly image" and the vertically thin physiognomy is called a "handsome image“. It analyzed the faces of thousands of CEOs around the world and calculated the fWR value. It also found that management style, the number of group affiliates, market capitalization, and R&D investment ratio accurately matched the fWR. Professor Kim Young-han's research has been introduced in the Global Top Journal of Accounting and Business Administration as well as the Journal of Neuroendocrinology. In addition, the book introduces the latest research results that suggest stock prices, return on investment, and risks by looking the height of the CEO's voice, the length of the index finger and ring finger, the size of the signature, and the frequently used words in interviews. It also shows the latest technologies already in use in the financial, insurance, and investment industries ; Chinese insurance companies that recognize livestock faces with AI and process compensation, Gift trader that measures global oil price trends with satellite images of oil storage caps in each country, Super short-term buyers who spread the map and compete in a millionth of a second, Gamma quizzes around the world that punish short-selling people through social media. Professor Kim Young-han has been studying "the effect of media on stock price bubbles" and "the effect of CEO's psychological-biological characteristics on change of stock price and mergers and acquisitions tendencies.". He also received several excellence lecture awards for Fintech and Behavioral Finance subjects. He runs a "Doctor Finance" channel in YouTube to spread the knowledge of behavioral finance, his interviews with U.S. reporters were broadcast on Bloomberg TV and the National Broadcasting System PBS Current Affairs and Culture Program. Introduction to books in YES24 : http://www.yes24.com/Product/Goods/105373496
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- 작성일 2021-12-10
- 조회수 38
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- Asset Management Review (AMR) is selected as a registered academic journal by the Korea Research Foundation.
- Asset Management Review (AMR) is selected as a registered academic journal by the Korea Research Foundation. Asset Management Review (AMR) published by the Asset Management Center of Sungkyunkwan University's Management Research Institute was selected as a registered academic journal in the continuing evaluation of the Korea Research Foundation. The academic field of Asset Management Research is published twice a year (June and December) with capital markets, asset management, and related financial and investment theories. In particular, it deals with research topics related to funds, portfolios, and pensions, which occupy an important part of the capital market but have not been studied much. The biggest difference between existing registered academic journals and Asset Management Research is the association with business. It consists of a total of two. One is the "academic research" section dealing with theories and papers written by experts and the other is "survey research" section prepared by practitioners in asset management and pension fund-related industries. This composition secures the diversity of authors and readers. This is not only to exchange between academic researchers through theoretical research, but to ensure that practice and policy decisions continue together.The authors and readers of asset management research, which encompasses members of the financial and financial academic societies, industry workers, and government agency officials prove that it plays a central role in industry-academia-government exchanges. The Asset Management Center selects the best paper among the papers published every year and presents Pyeongeun Award. This is being implemented with a fund donated by Professor Jang Young-kwang(Honorary professor at Sungkyunkwan University and president of the Securities Department of Securities). In addition, with the active sponsorship of the three fund evaluation companies (Korea Fund Evaluation, Fn Guide, Zero-In), research environment is improved, excellent papers are published, and research support projects are being recruited. Park Young-kyu, chairman of the Asset Management Research Editorial Committee, said, "As the only academic journal published by Business School in Sungkyunkwan University, I am proud to have become a registered academic journal of the Research Foundation. And It's very rewarding for those who have supported and worked hard for this journal. In the future, the Asset Management Research Center will further expand opportunities for industry-academic research and academic research presentation. Therefore, it can become a development model for research centers in Business Schools. Meanwhile, the academic journal registered by the Korea Research Foundation selects one of the journals published in Korea with academic value as a registered academic journal. If selected as a registered academic journal, it will be recognized for its authority and expertise as a professional journal. It is also reflected in the evaluation of the achievements of professors and researchers.
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- 작성일 2021-12-10
- 조회수 37
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- Chairman Lee Hyun-koo (Business Administration68) held a delivery ceremony for the Joongbong Brain Science Research Fund
- Chairman Lee Hyun-koo (Business Administration 68, Lacasa Works Co., Ltd.) donated KRW 1bilion of the Joongbong Brain Science Research Fund on November 24 (Wed) to develop research in the field of brain science at our university. Chairman Lee Hyun-koo, general representative of Lakasa Group, Ceo Lee Ji-woo, CEO Ki Dong-hyun, and team leader Lee Ju-hee attended the fund delivery ceremony. From the school side, President Shin Dong-ryeol, Vice-President Park Seon-gyu, Sungkyun Convergence Center Nam Jae-do, IBS Research Center Director Kim Seong-gi, Professor Shim Won-mok, and Seo Min-ah, as well as BME Department professors Lee Jun-yeol, Woo Choong-wan, Hong Seok-jun, and Park Cheon-kwon attended the event. In a welcoming speech, President Shin Dong-ryeol said, "In line with our university's declaration of an ambitious VISION 2030 future development plan to make 30 departments the top 20 in the world by 2030, Chairman Lee Hyun-koo made such a big donation to bio and brain science and that it was big help. As the chairman wishes, we will try to raise the multidisciplinary convergence R&BD ecosystem in the field of brain science to the level of world top tier" In a commemorative speech, Chairman Lee Hyun-koo said, "The field of brain science is expected to have endless research fields and research results that mankind has yet to solve. It is a great pleasure in life to share the wealth accumulated in a fierce life and watch them grow together through that sharing, and I donated to help the brain science imaging research environment. And I hope that research results will be derived in a better environment and lead to the reward of the donor. Kim Sung-ki, head of the IBS Research Group, said in a thank you speech, "According to the great will and spirit of Chairman Lee Hyun-koo, by using the research funds carefully, we will make efforts to help the brain science of Sungkyunkwan University can grow globally as the center of the brain science field in Korea, just like Chairman Lee Hyun-koo's pen name 中峰. In the presentation, Professor Shim Won-mok showed a plan to build a 'President Lee Hyun-koo Research Fund Fellowship Wall', and future aspirations to enter the Top 10 in Korea within 5 years and Global Top 10 within 10 years in the field of brain science. Chairman Lee Hyun-koo has donated about 2.8 billion won to about 15 kinds of funds so far, and adding 1 billion won to the 中峰 Brain Science Research Fund, which he donated this time, will total 3.8 billion won. After the delivery ceremony, the Brain Science Imaging Research Group tour and luncheon were held.
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- 작성일 2021-12-03
- 조회수 31
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- [Contemporary Opinion] Alternative exchange, now is the time to actively consider_Dean Ahn Hee-jun
- 안희준 성균관대 경영대학장 These days, discussions are underway in Korea on the establishment of alternative exchanges (ATS) established by securities companies as an alternative to the existing exchange market. Alternative exchanges are also called "multi-asset trading systems", which do not perform listing or market regulations like exchanges, but only function as securities transactions, enabling transactions outside the framework of the existing market. In advanced markets, alternative exchanges have already exchanges have already been established for a long time, accounting for 5% to 20% of the total trading volume. For example, in the United States, Canada, Japan, and Australia, alternative exchanges such as Chi-X, Bats, Japanext, and TMX are actively competing with the existing exchange market or over-the-counter trading market. Korea, which has the world's top 10 stock markets, also needs to carefully consider the introduction of alternative exchanges to build infrastructure and strengthen competition in more advanced capital markets. The advantages of alternative exchanges are the advancement and diversification of transaction techniques by reducing transaction costs, improving transaction speed, expanding transaction time, and expanding order types. The reduction in double transaction costs is possible through the effect of reducing the spread due to increased liquidity. However, it is difficult to expect a significant decrease in the domestic stock market as its spread has already been quite low compared to overseas markets for a long time. However, additional transaction costs can be expected to be reduced through the conclusion of intermediate prices, which can improve the efficiency of price discovery by enabling transactions at more improved prices. Meanwhile, as high-frequency transactions (HFTs) increase in the future, the speed of transactions will become increasingly important. In the movie "Hummingbird Project", securities firms are fiercely competing to gain an edge in fast trading by establishing a faster network, which shows how important speed is in securities trading. Improving the speed of transactions due to alternative exchanges can greatly help improve the market's qualitative infrastructure. The expansion of trading hours is also a factor that investors welcome. Currently, the Korea Exchange's trading hours are from 9 a.m. to 3:30 p.m. If the trading time is greatly expanded through alternative exchanges, transactions will be possible regardless of time, which will be welcome for general investors. Compared to the types of orders allowed by major overseas exchanges such as the New York Stock Exchange in the United States, the types of orders that investors can use through the Korea Exchange are currently somewhat limited. The expansion of order types through the introduction of alternative exchanges can help investors implement more diverse investment strategies than before, which can be helpful in terms of advancing transaction techniques. The advantages of alternative exchanges mentioned above can serve as an opportunity to further develop our stock market by expanding trading opportunities and increasing the overall liquidity of the market through the advancement of market infrastructure. However, as regulations are not as strong as the exchange market, possible transaction transparency and conflicts of interest may arise. Therefore, in the process of preparing for the introduction of alternative exchanges, it is necessary to prepare an efficient institutional mechanism to maximize advantages but minimize side effects through operational cases of advanced overseas markets. If the introduction of alternative exchanges creates a more competitive and efficient trading infrastructure and increases market liquidity, improving price discovery efficiency, it can have a positive effect of expanding and developing the entire pie, not dividing the pie in the market monopolized by the Korea Exchange. I hope this will provide an opportunity for the Korean stock market to take a leap forward. Source : The Asia Business Daily https://view.asiae.co.kr/article/2021111608183722926
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- 작성일 2021-11-26
- 조회수 37
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