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This marks the first time this service has been available for Korean securities firms, through the KSD, and investors investing into Hong Kong and Japan. The partnership also positions Citi as the only custodian bank to offer daily turnaround investment services in these markets for Korean securities firms and investors.
Citi says this service is expected to help investors facilitate decisions in light of stock market fluctuations, with the goal of reducing investment risks and maximizing returns.
The launch of the service corresponds with the increase in offshore investments by Korean securities firms and investors, both of which are demanding increased daily turnaround investment services to better manage investments.
ôWith the increase in volatility and the downturn of the global stock market, investors are taking a more active approach to managing investment risks,ö says Young-Chan Kim, head of KSDÆs international services division.
Starting next month, the daily turnaround investment service will be provided to eight international securities companies in Korea, which Citi declined to name.
Following the launch of the daily turnaround investment services in Hong Kong and Japan, the KSD plans to further expand this offering to other markets. In 2009, the national securities depository expects to roll out this service in other markets to cater to increasing demand of direct investment in foreign currency stocks by Korean securities firms.
The new service offering from Citi and the KSD will assist securities companies manage independent accounts with their custodian bank. It will also cater to the demands of daily turnaround investment services for foreign currency investments in regional markets, providing investors a new platform to actively manage investment risks.
Under the daily turnaround investment service offering, investors in Korea will
receive enhanced foreign exchange settlement services when interacting with the
KSD. For independent accounts held with custodian banks, the new service allows for reduced settlement cycles, real-time automatic alerts of settlement details, enhanced sales processing for purchased foreign currency shares and the use of foreign exchange of sales when credit is provided by a securities company.
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Actively managed funds were also not found to have better odds of higher returns than more passive funds.