Korea Capital Market Institute

Differentiated Blockchain Strategies in the U.S. Financial Sector and Implications for Korea [Research Fellow] Kim, Jinyoung / May. 19, 2026 Blockchain technology in U.S. capital markets has moved well beyond cryptocurrency investment to establish itself as foundational infrastructure across the broader financial system. As the U.S. digital asset regulatory framework takes shape — marked by the enactment of the GENIUS Act in July 2025 and the passage of the CLARITY Act through the House — asset managers, investment ... Kosdaq Market Development and the Role of Small- and Mid-Sized Securities Firms: Implications from U.S. Small- and Mid-Sized Investment Bank Cases [Senior Research Fellow] Lee, Seokhoon / May. 19, 2026 For the Financial Services Commission's recently announced "KOSDAQ Market Trust + Innovation Enhancement Plan" to yield substantive outcomes, the market's intermediation function—which properly values KOSDAQ-listed companies and channels that valuation into long-term investment—must be complementarily strengthened. The key players in this regard are small- and mid-sized securit... The Competitive Structure of the Active ETF Market: The U.S. Experience and Implications [Senior Research Fellow] Kim, Jaechil / May. 06, 2026 Active ETFs are growing rapidly in the United States, and many small and midsize asset managers that had struggled amid the decline of mutual funds are now gaining a foothold in the active ETF market. The regulatory easing introduced in the U.S. ETF market from late 2019 appears to have lowered entry barriers and encouraged these managers to enter the active ETF space. At the s... Earnings Guidance in Korea: Institutional Constraints, Market Incentives, and Policy Directions [Research Fellow] Yee, Ha Yoon / May. 06, 2026 Corporate managers voluntarily provide investors with forward-looking information regarding their firm’s future performance through earnings guidance. Earnings guidance enhances the efficiency of capital market by alleviating information asymmetry, improving price discovery, and reducing the cost of capital. In Korea, the introduction of the fair disclosure regime in 2002 estab... Assessing Risk Factors in the U.S. Private Credit Market and the Potential for Risk Transmission [Research Fellow] Jung, Whayoung / Apr. 21, 2026 The private credit market has expanded rapidly, particularly in the U.S., and has become one of the major sources of corporate financing. However, recent defaults among some borrowing firms have heightened concerns about credit risk. At the same time, the rapid advancement of AI has fueled growing perceptions that the business models and revenue structures of the existing softw...