South Korean Lawmaker Lambasts Single Stock Leveraged ETF: Country Has Become a Casino

July 29th, according to Bloomberg terminal, South Korean Finance Minister and Deputy Prime Minister Hong Nam-ki apologized during a hearing and acknowledged that the authorities should have conducted a more thorough review of the product before its launch. Nevertheless, Hong Nam-ki still insisted that leveraged ETFs were just one of many factors behind the recent market turmoil.

「We have already implemented a set of measures, but if necessary, we will take additional steps to help the market return to normal.」

National Forces Party member Lee Jong-gul (phonetic) lambasted Hong Nam-ki during the hearing, saying, 「This country has turned into a casino, and these products should not have been allowed to enter the market. I believe this is a policy failure.」