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Photo: Meritz Securities |
[Alpha Biz= Paul Lee] SEOUL, South Korea — Meritz Securities is set to prematurely end its "zero-commission" promotion for U.S. stock trading, which was originally scheduled to run through the end of next year.
According to financial industry sources on the 24th, Meritz Securities plans to terminate its 0% commission policy for new "Super365" non-face-to-face accounts starting next month. The decision follows internal adjustments to terms and conditions, and the new policy will apply to accounts opened after a specific date in early 2025. Existing customers who have already benefited from the promotion will maintain their fee-free status.
In November last year, Meritz Securities became the first in the industry to completely eliminate domestic and U.S. stock trading fees, as well as currency exchange fees, with a commitment to maintain the offer until the end of 2026. The move was part of an aggressive strategy to attract "Seohak-gaemi" (Korean individual investors in the U.S. market).
The early termination is widely interpreted as a response to intensified scrutiny from South Korean financial authorities. Regulators have expressed concern that the massive surge in overseas investment is a primary factor behind the weakening of the Korean Won against the U.S. Dollar.
Since December 3, authorities have been conducting on-site inspections of major brokerages and asset managers with high volumes of high-risk overseas product trades. Following a meeting on December 18 with CEOs from Mirae Asset, Meritz, Kiwoom, and Toss Securities, the authorities reportedly advised the entire industry to halt new marketing campaigns related to overseas investments.
In a related move, Kiwoom Securities announced yesterday that it would indefinitely suspend its popular U.S. stock Telegram channel, which boasted a leading 37,000 subscribers, signaling a broader industry-wide retreat from overseas stock promotions.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
