Daishin Securities is on the verge of being designated as the 10th comprehensive financial investment firm. Only the Financial Services Commission's final approval remains.
According to financial authorities on the 19th, the Securities and Futures Commission of the Financial Services Commission approved the designation of Daishin Securities as a comprehensive financial investment firm during a regular meeting held the previous afternoon. The only remaining procedure is the final decision by the Financial Services Commission, which is expected to take place within this year.
Once the Financial Services Commission's decision is completed, Daishin Securities will become the 10th comprehensive financial investment firm. So far, a total of nine firms, including Mirae Asset Securities, Korea Investment & Securities, NH Investment & Securities, Samsung Securities, KB Securities, Hana Securities, Meritz Securities, Shinhan Investment Corp., and Kiwoom Securities, have been designated as comprehensive financial investment firms.
Once designated as a comprehensive financial investment firm, the credit extension limit will increase from 100% to 200% of its equity capital, broadening its business scope. It will also enable services such as providing funds to hedge funds and prime brokerage services (PBS), as well as general foreign currency exchange operations.
Lee Eul-yong, chairman of Daishin Financial Group, noted in this year's New Year's address that the group's strategic goal for the year is to achieve 4 trillion won in equity capital and to enter the market as a super-large securities firm. As of the end of September, Daishin Securities' equity capital stood at 3.118 trillion won, thus meeting the equity capital criteria.