The Korea Exchange (KRX) Market Oversight Committee said it will implement a revamped reward program starting on the 29th to encourage reports of unfair trading, including raising the cap on small rewards to 9 million won from the previous 6 million won.
With this overhaul, the cap on small rewards will be raised, and to expand internal whistleblowing, rewards will also be paid for reports by participants in unfair trading. However, those who led the scheme or engaged in it repeatedly will be excluded from eligibility for rewards.
The exchange will also newly build an "unfair trading report databases (DB)" to encourage reporting. It plans to systematically manage report details and processing results to more proactively identify tips that could be eligible for rewards.
It also improved the reporting procedure and user environment. By overhauling the user interface (UI) of the Unfair Trading Report Center website, it enhanced visual convenience, and it will produce and provide short-form guidance videos of under one minute to help retail investors easily understand major types of unfair trading such as price manipulation and use of nonpublic information, as well as the reward program.
The exchange urged investors to report actively, noting that unfair trading using illegal stock-touting chat rooms, social networking services (SNS), and YouTube has been increasing recently.
An exchange official said, "Methods of unfair trading that exploit illegal stock-touting chat rooms, SNS, and YouTube have been becoming more sophisticated recently," and added, "We ask investors to report actively to help establish a sound market order."