Financial Supervisory Service Gov. Lee Chan-jin, right, attends a National Assembly audit in Yeouido, Seoul, Monday. Korea Times photo by Shim Hyun-chul
Policymakers have yet to explain who decided to introduce single-stock leveraged exchange-traded funds (ETFs) or why their reviews were expedited, even as retail investors have sustained more than 2 trillion won ($1.5 billion) in losses on the products tracking Samsung Electronics and SK hynix. The funds have also drawn criticism for amplifying stock market volatility.
At a National Assembly audit Monday, Financial Supervisory Service (FSS) Gov. Lee Chan-jin acknowledged that the products underwent unusually rapid reviews to meet a policy timetable. But he offered no concrete explanation of who set that timetable or on what grounds.
These ETFs were made possible by a government decision to ease regulations. An amendment to the…
