Key Considerations in Designing a Fund-Based Retirement Pension System [Senior Research Fellow] Nam, Chaewoo / Jul. 28, 2026 The debate over introducing a fund-based retirement pension system is closely tied to calls for a qualitative transformation following the rapid expansion of retirement pension assets. Although retirement pension reserves have grown quickly, the current contract-based governance structure and the individual-choice-centered operation of defined contribution (DC) plans have not b... The Rise of Intangibles and Changes in Corporate Financial Behavior [Research Fellow] Jung, Heechul / Jul. 28, 2026 Technological progress and the advancement of the knowledge-based economy have increased the economic importance of intangible assets, thereby altering the nature of corporate financing needs. Relative to tangible assets, intangible assets have lower collateral and recovery values, involve greater uncertainty over investment outcomes, and are subject to more severe information ... Market Trends and Implications Around the Launch of Single-Stock Leveraged and Inverse ETFs [Senior Research Fellow] JANG, GEUNHYUK / Jul. 14, 2026 On May 27, 2026, single-stock leveraged and inverse (2×) ETFs based on Samsung Electronics and SK Hynix were launched. With rapid inflows from retail investors, cumulative net purchases through June 19 reached approximately KRW 8.2 trillion for leveraged ETFs and KRW 0.3 trillion for inverse (2×) ETFs. Immediately after the launch, retail investor capital flows showed increased... Distributional Heterogeneity of KOSDAQ-Listed Firms and Future Policy Tasks [Senior Research Fellow] Kang, Sohyun / Jul. 14, 2026 KOSDAQ was established to support capital raising by small and venture firms and to promote the growth of innovative firms, and over the past three decades it has achieved a certain degree of success in terms of quantitative expansion and the supply of venture capital. However, given the heterogeneity of firms currently listed on KOSDAQ, it is more appropriate to understand it ... Reshaping Financial Infrastructure: Global CSDs and South Korea’s Post-Trade Market [Research Fellow] Jung, Soomin / Jul. 14, 2026 Global financial market infrastructure is moving beyond record-keeping and custody. It is becoming platform infrastructure that connects multiple assets and networks. This shift reflects the growth of digital assets, tokenization, and distributed ledger technology.

Major CSDs such as DTCC, Euroclear, and Clearstream are not treating digital assets as a separate marke...