Third inter-dealer brokerage readied in Korea

A third inter-dealer brokerage will enter the Korean debt market in March.
A consortium led by British broking house Prebon Yamane which also operates in Hong Kong, Singapore, Malaysia and Japan as well as 10 domestic firms, is setting up the company at an estimated start-up cost of around W3 billion $2.4 billion.

Prebon Yamane will hold a 40% interest in the new concern, followed by Kookmin Bank, Korea Development Bank, Hanwha Securities all 11%, Shinhan Securities 7%, Dongwon Securities 5%, Shinyoung Securities 4%, Kyobo Securities, Good Morning Securities, Pukook Securities and Daeyu Securities all 1%.

The Korean Ministry of Finance has been keen to encourage the establishment of IDBs, believing that their presence makes for a cleaner and...

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