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Netherlands-based brokerage house IMC was green-lighted by the Financial Services Commission (FSC) to operate a financial investment and brokerage business in South Korea on the condition that its subsidiary serves as a market maker in the country.
According to FSC, as a market marker, IMC is expected to focus on providing purchase and sale solutions for local investors.
Tentatively named IMC Securities Korea, the company will start operating within six months.
IMC's entry marked the first for a foreign brokerage firm in South Korea since Mizuho Securities and China Merchants Securities received business licenses in July 2017.
The Dutch firm had requested approval to do business in the country in June.
The FSC vowed to closely monitor whether the IMC Securities Korea carries out its role properly.
