Koo Yun-cheol: Leveraged ETFs are one of the factors causing market volatility, and South Korean authorities will hold an emergency meeting

According to Golden Ten Data, South Korean authorities will hold an emergency meeting on Wednesday (UTC+8) at 17:00 to discuss stock market volatility and measures to stabilize the market, chaired by Finance Minister Koo Yun-cheol. The South Korean National Assembly is holding a hearing on the stock market crash, with legislators attributing the sharp decline to the single-stock leveraged ETF launched in May. Koo Yun-cheol apologized at the hearing, acknowledging that regulatory authorities should have conducted a more thorough assessment before launching the product, and stated that leveraged ETFs are one of the factors causing market turmoil. Koo Yun-cheol also said that authorities have implemented response measures and will take action to help the market return to normal if necessary.