watchdog chief-securities firms

▲ Financial Supervisory Service (FSS) Gov. Lee Chan-jin (Yonhap)

SEOUL, Sept. 29 (Yonhap) -- The chief of South Korea's financial watchdog on Tuesday called on securities firms to shore up shareholder value and heighten risk management for rising interest rates.

In a meeting with heads of 28 securities firms, Lee Chan-jin, governor of the Financial Supervisory Service (FSS), said local brokerage firms had racked up record profits amid a stock bull run.

"Securities firms that benefited the most from the growth of the capital market should play a greater role in leading market reform, and work to boost shareholder value," Lee said.

The FSS chief also called for better management of loans extended to investors as part of efforts to reduce market volatility.

Lee, in addition, urged securities firms to better prepare for rising interest rates.

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