Korean index fund idea needs work

Looks like an ETF, walks like an ETF...but is it an ETF?

The September 11 terrorist attacks have prompted many governments including South Korea to try and stabilize their equity markets. Among these is a Ministry of Finance and Economy MoFE proposal that had already been in the works, but is nowbeing pushed forward and will enable allow local investment trust companies and asset management firms to sell stock-index mutual funds.

These products, known generically as exchange-traded funds ETFs, will be listed on the Korea Stock Exchange or the over-the-counter Kosdaq and start trading next year. However, a number of foreign fund managers and local brokers familiar with ETFs say that legislation the government is preparing to submit to the National Assembly this...

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