Mirae Asset Capital
Mirae Asset Capital

Mirae Asset No. 1 in civil complaints among securities companies. 'SK Bioscience's MTS problem'

ANI | Updated: May 11, 2021 14:33 IST

Seoul [South Korea], May 11 (ANI/Global Economic): This year, Mirae Asset Securities showed the largest number of complaints among securities companies.
It is analyzed a large number of complaints is related to the malfunction of the MTS (mobile trading system) after the listing of SK Bioscience, which was considered a major IPO this year.
According to the Financial Investment Association's Investor Support Center on Monday, Mirae Asset Securities had the highest number of complaints among financial investment companies in the first quarter (January to March) with 211 cases. This is a 4.13 times increase (313.73 percent) compared to the previous quarter (51 cases).
This can be interpreted as the aftermath of the IPO of SK Bioscience, which achieved the highest box office performance this year, with the largest margin in history. On the first day of listing, SK Bioscience recorded a so-called "dda-sang" (double the initial public offering price, and the upper limit price afterwards), but contrary to expectations the next day, it was not able to go directly to the upper limit and the rate of increase
declined. As a result, the number of investors rushing to sell increased explosively.
The MTS of securities companies that were not prepared for the increase in trading volume caused errors at once, and among them, Mirae Asset Securities, which was the major party, was so severe that customer complaints arose. At the time, complaints from investors who were unable to access the MTS app for several hours were pouring.
Accordingly, Mirae Asset Securities had to pay compensation to customers.

In fact, as a result of examining the number of civil complaints by type, the number of computer disorder-related complaints occupied a majority with 122 cases. In addition, 5 cases related to trading, 21 cases related to product sales, and 63 other cases were counted.
An official at Mirae Asset Securities said, "We have completed all the compensation procedures for customers who have filed complaints at the time. We will do our best to prevent a recurrence."
The second brokerage company with the most complaints is Shinhan Investment Corp. It had 155 cases, an increase of 2.6 times from the previous quarter (75).
It is analyzed that this is due to a connection delay situation at the beginning of this year as the number of users rapidly increased during the recent boom in the
stock market.
As for the number of complaints by type, the number of computer disorder-related complaints was the highest, with 82 cases. There were 46 cases related to product sales, 5 related to trading, and 22 other cases.
NH Investment & Securities and Korea Investment & Securities, which ranked first and second in the number of complaints due to the Optimus incident last year, showed a decline.
NH Investment & Securities, which recorded the highest number of civil complaints in a row, recorded only 109 cases in the first quarter. Complaints fell 9.16% compared to the previous quarter (120 cases), when the largest number of complaints were filed due to the Optimus incident. Korea Investment & Securities's numbers also decreased 7.5 percent from 120 cases in the previous quarter to 111 cases. (ANI/Global Economic)