Korea FSC grants preliminary Financial Investment Business License to IMC

South Korea's Financial Services Commission (FSC) decided to grant a preliminary financial investment business license to IMC Trading BV, a dutch brokerage on January 13. The license marks FSC's first approval of a foreign-based trading firm in three and a half years.

According to the FSC, the approval was granted on the condition that IMC meets the requirements set forth by the Financial Investment Services and Capital Markets Act.

The FSC said, with a new foreign-based securities firm entering Korea's markets, it can not only help stimulate transactions on low-liquidity stocks, but also help boost domestic markets as global financial hubs.

Likewise, the regulator will continue to closely supervise market makers to ensure their proper function.

IMC is required to apply for the final approval within six months before it offers its services to customers in South Korea.

IMC is one of the world's most active proprietary trading firms and a key market maker in various products listed on exchanges throughout the world. Founded in 1989, the company employs over 850 people and has offices located in Amsterdam, Chicago, Sydney and Hong Kong.