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New CEO for Korea Exchange
23 February 2010
Kim Bongsoo took over as chairman and chief executive of the Korea Exchange on December 30, for a fixed three year term.
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KRX
Korea Exchange
Kim Bongsoo
Lee Jung-hwan
He succeeded Lee Jung-hwan, who quit unexpectedly in
October, citing pressure from the South Korean government over the running of
the exchange.
Kim is the first head of KRX to come from the private
sector. From 2001 to 2009 he was CEO and president of Kiwoom Securities, the
online Korean securities brokerage he co-founded in 2000.
He oversaw Kiwoom’s rise to become a leading equity house in
Korea. In 2009 he became vice-chairman of Kiwoom. He began his career at
Ssangyong Securities in 1976.
One of Kim’s first moves as head of the exchange has been to
announce plans to cut more than 10% of its workforce and reduce fees.
He will also try to drive international expansion. KRX
signed an order routing deal with the Chicago Mercantile Exchange in November
2009. CME is also set to establish a permanent telecommunic-ations hub in Seoul
as part of a five year agreement between the two bourses.