Shinhan Securities President "Loss of 130 Billion" "A sense of responsibility..."Concentrate on probation".

Shinhan Investment & Securities President Kim Sang-tae has started to deal with the loss of exchange-traded funds worth 130 billion won and ETF futures trading operations, saying he feels responsible.

In a post on the company's internal network, President Kim said he felt responsible as a CEO, and said he would operate an emergency response team to find out the facts and causes.

Shinhan Investment & Securities previously announced that its ETF liquidity supply division lost an estimated 130 billion won due to the sale of futures outside its purpose.

The losses from August 2 to the 10th are believed to have been made while trying to hide them when the local stock market plunged in early August on concerns about a U.S.-originated recession.

As a result, the Financial Supervisory Service started on-site inspections and began a full inspection of derivatives transactions by 26 securities companies and major asset managers.