Kiwoom and Kyobo Securities temporarily suspend the opening of CFD accounts

Kiwoom and Kyobo Securities temporarily suspend the opening of CFD accounts: COMPANY / Reporter Kim Jisun / 2023-05-09 05:36:20

This article is translated by AI company Flitto and Alhpa Biz neural machine translation technology

키움증권 (사진=키움증권)

[Alpha Biz=(Chicago) Reporter Kim Jisun] Kiwoom Securities and Kyobo Securities will temporarily stop opening CFD accounts.

CFD was cited as one of the reasons behind the recent plunge in SG Securities. As a result, Kiwoom Securities and Kyobo Securities, the nation's No. 1 CFD market, are believed to have taken steps to manage risks.

Kiwoom Securities announced on August 8 that it will temporarily suspend the opening of domestic and overseas stock CFD accounts. Customers with existing CFD accounts can continue to trade, but new subscriptions are not possible.

Financial authorities investigated Dow Kiwoom Group Chairman Kim Ik-rae's alleged involvement in unfair trade, and Chairman Kim even announced his resignation, which is believed to have taken steps to stop opening CFD accounts as the issue expanded out of control.

Kyobo Securities, which first introduced CFD in Korea in 2015, has also stopped opening new non-face-to-face CFD accounts for domestic and overseas stocks since the 4th. All related events have also ended early.