Seoul Mayor criticizes South Korean government for allowing leveraged products to impact the stock market

According to Yonhap News, Seoul Mayor Oh Se-hoon issued a statement strongly criticizing the leveraged derivative products that have caused severe volatility in the South Korean stock market, as well as President Lee Jae-myung's "active debt reduction" policy, urging the government to quickly introduce fundamental countermeasures. He pointed out that this year, the KOSPI index has triggered temporary program trading limits 37 times, surpassing the record of 26 times during the global financial crisis in 2008.

Oh Se-hoon criticized: "The government knowingly approved the listing of highly risky single-stock leveraged derivative products, yet stood by idly while retail investors' assets continued to evaporate, ultimately leading to the current situation."