Samsung Securities to start prime broking next January

Samsung Securities will start a fully fledged prime broking business in January next year without the need to raise fresh capital as Korea’s brokerage sector readies itself for a two-tier market. The Financial Services Commission (FSC) last week unveiled amendments to the nation’s Capital Market Consolidation Act, which was originally passed four years ago. One of the main revisions will enable large brokerage firms to provide corporate financing for the first time and tap into …