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The integrated exchange will be launched sometime in the latter half of this year. The bill mandates that all procedures required for launching the new exchange should be completed within one year from the date of promulgation. The promulgation of the Exchange Consolidation Act will be immediately followed by the organization of the "Committee for the Launch of Korea Securities and Futures Exchange" (hereinafter referred to as a "Launching Committee"). The Launching Committee, which will be led by Deputy Minister of the Ministry of Finance and Economy, will frame the constitution of the integrated exchange and make decisions on the major issues of consolidation. As part of the consolidation effort, the trading of all equity derivatives of the KSE, such as KOSPI 200 index futures and options, was transferred to the KOFEX in January 2, 2004.
The new exchange will be incorporated into a demutualized exchange, and go through an IPO of its own at a later stage. The chairman of the integrated exchange will be elected at the meeting of shareholders at the recommendation of candidate nomination committee. The exchange will have three market segments, namely, a main market, a growing enterprise market and a derivatives market. It will also have a management support center and a market supervision committee. The market supervision committee will be responsible for market surveillance and investigation, member firm supervision and disciplinary actions.
