South Korea orders new investors to take classes after single-stock trading frenzy - FT中文网
登录×
电子邮件/用户名
密码
记住我
请输入邮箱和密码进行绑定操作:
请输入手机号码,通过短信验证(目前仅支持中国大陆地区的手机号)。如果该手机号尚未注册,将自动创建 FT中文网账号。短信可能需要几分钟送达,验证码15分钟内有效,请耐心等待:
请您阅读我们的用户注册协议和隐私权保护政策,点击下方按钮即视为您接受。
金融市场

South Korea orders new investors to take classes after single-stock trading frenzy

Regulators tighten curbs less than three months after controversial products were introduced
00:00

{"text":[[{"start":10.84,"text":"South Korean retail investors must now complete a week-long course before they can start trading in single-stock funds, as regulators tighten restrictions on products blamed for exacerbating wild swings in one of the world’s most volatile stock markets."}],[{"start":25.92,"text":"The move follows an extraordinary boom and subsequent correction in South Korean equities. The Kospi rose 76 per cent in 2025 and then doubled again this year before peaking at more than 9,300 points in June."}],[{"start":41.28,"text":"Retail investors poured a net Won100tn ($70bn) into the market earlier this year amid an AI-driven rally in chipmakers SK Hynix and Samsung Electronics."}],[{"start":53.7,"text":"The rise also coincided with government-led efforts to boost the stock market. Single-stock leveraged exchange traded funds in the two companies were introduced in late May, allowing investors to magnify their bets on the Korean semiconductor champions."}],[{"start":69.28,"text":"Then at a press conference on June 8, President Lee Jae Myung said the market was still “somewhat undervalued” despite having hit about 8,000 points."}],[{"start":78.64,"text":"The rally then unravelled in July, with the Kospi falling 22 per cent for its worst month since the global financial crisis."}],[{"start":86.76,"text":"Following an emergency meeting on July 29, South Korea’s finance ministry announced measures to limit access to leveraged ETFs."}],[{"start":94.44,"text":"“Many retail investors have suffered significant losses in the single-stock leveraged ETF craze, and their perception of these products has changed,” said Albert Yong, managing partner at Seoul-based hedge fund Petra Capital Management."}],[{"start":109.42,"text":"Investors who bought Samsung and SK Hynix leveraged ETFs when they launched in late May and held until mid-July lost about half their money, according to data from Mirae Asset Securities."}],[{"start":121,"text":"New investors in single-stock leveraged ETFs must now complete at least one hour of simulated trading a day for five days as part of an ongoing crackdown."}],[{"start":130.44,"text":"Trading platforms and apps are required to impose the regulations to ensure that users comply."}],[{"start":135.6,"text":"Earlier this month, regulators increased the minimum cash deposit from Won10mn to Won30mn ($21,000) and instituted a mandatory three hours of education for investors in such products."}],[{"start":148.36,"text":"Retail investors had poor understanding of how leveraged ETFs work, said Yong, who argued that many failed to realise that volatility could erode potential returns."}],[{"start":159.2,"text":"Some investors — colloquially known as “gaemi”, or ants — questioned whether the new rules would make much difference."}],[{"start":165.4,"text":"“It does feel a bit like closing the barn door after the horse has bolted, though it is better than doing nothing,” said Ms Yoon, a Seoul resident who lost money in the July crash. “I don’t think education or mock trading will be able to stop people who are determined to do it.”"}],[{"start":180.96,"text":"However, there are signs that tighter regulation is cooling the market. Daily turnover in single-stock leveraged ETFs fell from Won12.4tn on July 30 to just Won700bn on August 11, while investors redeemed Won1.4tn from the products between August 4 and 10."}],[{"start":200.44,"text":"“A lot of the leverage-fuelled retail investment seems to have been unwound, so the market appears to be in the process of normalising,” said Kim Hyung-kyoon, executive director at Tcha Partners, a Seoul-based asset management firm."}],[{"start":213.76,"text":"Meanwhile, the Kospi has rebounded more than a fifth from its July 30 trough, with investors regaining confidence in the AI trade although some remain cautious."}],[{"start":223.88,"text":"While the “fundamentals of AI remain intact”, Yong said, it “remains to be seen whether this is the beginning of a [new] bull market and how long this rebound will last”."}],[{"start":233.6,"text":"For Yoon, the rebound has done little to restore faith in policymakers. “Going through this volatile market, individual investors like us have grown increasingly resentful, wondering how we are supposed to invest in domestic stocks under these conditions,” she said."}],[{"start":248.64,"text":"“Trust in the government has been severely shattered.”"}],[{"start":255.92,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1786612073_9263.mp3"}

版权声明:本文版权归FT中文网所有,未经允许任何单位或个人不得转载,复制或以任何其他方式使用本文全部或部分,侵权必究。

奥迪将在美国建厂,投资40亿美元以应对关税

这项举措是在特朗普于佐治亚州举行的集会上宣布的,正值这家汽车制造商及其母公司大众寻求减轻总统加征关税的压力。

摩科瑞因霍尔木兹海峡危机期间的运价争议,将“航运界道琼斯”告上法庭

此案将检验波罗的海交易所在战事期间继续发布经霍尔木兹海峡运输石油的运价估算,是否妥当。

博尔索纳罗与卢拉在巴西展开势均力敌的选战

右翼挑战者力图击败左翼总统,推动拉丁美洲最大国家与唐纳德•特朗普更加靠拢

德国亿万富翁称,2.5亿欧元的拜仁慕尼黑交易不只是钱的问题

马克西米利安•菲斯曼表示,家族投资德国最成功的足球俱乐部,既看重财务回报,也出于热爱。

我最尴尬的一次求职面试教会了我什么

求职者不应被要求披露过往薪酬,也不应只能猜测职位开出的薪资。

中国消费需求降温,奢侈品集团市值缩水2500亿欧元

中国经济放缓、全球股市降温,令欧洲这一板块的低迷进一步加剧。
设置字号×
最小
较小
默认
较大
最大
分享×