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Photo courtesy of Yonhap News |
[Alpha Biz= Ellie Kim] SEOUL, June 5 — NextTrade has been cleared of allegations that it misused technology and obstructed the business of Lucent Block, following an investigation by the Korea Fair Trade Commission.
The regulator concluded there was insufficient evidence to determine that the materials provided by Lucent Block constituted proprietary technology or that NextTrade had used such information improperly. It also found no intent by NextTrade to interfere with Lucent Block’s business activities.
The KFTC further ruled that there was no causal link between NextTrade’s actions and Lucent Block’s failure to secure preliminary approval for an over-the-counter fractional investment trading platform.
Following the decision, NextTrade said it will accelerate efforts to launch its platform, tentatively named “NexChange,” targeting a market opening in the fourth quarter, subject to final regulatory approval.
The consortium plans to build on existing platforms, including those of Musicow, to offer enhanced trading services and expand the fractional investment market.
Alphabiz Ellie Kim 인턴기자(press@alphabiz.co.kr)
