As the G20 leaders at the Pittsburg summit on September 9, 2009 reached a comprehensive and concrete agreement*to build trading infrastructures for over-the-counter (OTC) derivatives. In line with such effort, following plans have been devised for Korea’s OTC derivatives market. CLICK HERE
A special guest for FSC Weekly e-Briefing, Mr. Chin, Dong-Soo, the Chairman of Korea’s Financial Services Commission and the representative of Korea’s Financial Stability Board told Korea has been selected as the host of FSB Plenary Meeting in this October.
Following issues will be deliberated at the FSB Plenary Meeting in Korea before final decisions are made by the leaders at the G-20 Summit in Seoul;1) Improving Basel committee regulations on capital liquidity 2) Reducing moral hazard of systematically important financial institution 3) Assessing improvement of compensation practices of financial institutions 4) Discussing future plans and schedules and monitoring the progress on the implementing international standards and strengthening financial cooperation.
As the chair of the G-20 Summit as well as a member of the FSB, Korea will make every efforts to play a mojor role in achieving consensus on financial reforms and setting improved international standards. See more from http://fsc.go.kr/eng/index.jsp
President Lee, Myung-Bak at Davos world economic forum addressed the point that it is very important to achieve consensus across the G-20 nations for successful implementation of framework for strong, sustainable and balanced growth. For this point, he has added 3 elements we need to give focus on; 1) Finding ways to counter the procyclical nature of the global economy and the financial system. 2) The problem of the institutions which are ‘Too big to fail.’ 3) Transition to a more normal policy stance. To see more, Please visit http://www.fsc.go.kr/eng/index.jsp
