Korea Securities Depository
Native name
한국예탁결제원
TypeCentral securities depository
Founded6 December 1974
Headquarters
40 Munhyeongeumyung-ro, Nam-gu
Busan
,
South Korea
Number of locations
Busan, Seoul and Ilsan
2 branches
Hong Kong office
Key people
Lee Byungrhae (Chairman & CEO)
Websitewww.ksd.or.kr/eng
Korea Securities Depository
Hangul
Hanja
Revised RomanizationHangung Yetang Gyeoljewon
McCune–ReischauerHan'gung Yet'ang Kyŏlchewŏn

Korea Securities Depository is the central securities depository (CSD) of Korea, providing central custody of securities, book-entry transfer, and settlement of securities transactions. KSD was established in December 6, 1974, under the Securities and Exchange Act (later consolidated into the Financial Investment Services and Capital Markets Act[1]). It is a non-classified public institution under the Financial Services Commission (South Korea).

As of 2014, KSD held in custody securities valued at KRW 3,149 trillion, and processes a daily average of KRW 70 trillion in securities related cash.

History

The rapid growth of the Korean securities market in the 1970s called for an efficient facility for the custody and settlement of securities. The 5th amendment the Securities and Exchange Act (SEA) on February 6, 1973 provided the legal grounds to implement a CSD system, and on December 6, 1974, the Korea Securities Settlement Corporation (KSSC) was established. On April 25, 1994, KSSC was re-incorporated as Korea Securities Depository (KSD), a special public corporation pursuant to the 11th amendment to the SEA (December 17, 1993). The amendment also provided a legal basis for KSD to act as the sole CSD of Korea. On February 9, 2010, with the enforcement of the Capital Market and Financial Investment Business Act, the name was changed to Korea Securities Depository(KSD).

References

  1. ↑ Article 294 (Establishment) (1) The Korea Securities Depository shall be established in order to promote a centralized deposit of securities, etc. (referring to securities and others prescribed by Presidential Decree; hereafter in this Chapter, the same shall apply), transfer of securities between accounts, and settlement subsequent to transactions and smooth circulation.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.