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Photo = FSS |
[Alpha Biz= Paul Lee] On the 7th, the Financial Supervisory Service (FSS) began a routine inspection of Kiwoom Securities after the company experienced consecutive system failures last month, leading to delays in order executions.
According to the financial investment industry, the FSS will examine the causes of the system failures and whether Kiwoom Securities has implemented adequate measures to prevent a recurrence.
In early April, Kiwoom Securities experienced errors in its Home Trading System (HTS) and Mobile Trading System (MTS), which prevented the normal execution of buy and sell orders. The following day, the same errors occurred twice, causing further delays in order executions.
The errors took place during a highly volatile market period, with major issues like the announcement of U.S. tariffs and the impeachment trial of the President. As a result, Kiwoom Securities received a large number of complaints from investors. The company is the market leader in domestic stock trading share in South Korea.
Kiwoom Securities has yet to disclose the cause of the system failures. The company is currently in the process of compensating affected investors.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
