NXT Consortium: "If the KFTC launches an investigation, we will clearly demonstrate that the tech-theft allegations are unfounded"

Conditional preliminary approval for a fractional-investment OTC exchange

"Formed a launch-preparation committee, aiming to open in Q4"

The 'Nextrade (NXT) Consortium,' which has received preliminary approval from financial authorities for a fractional-investment over-the-counter (OTC) exchange (distribution platform), said on the 19th that it has formed a launch-preparation committee with the goal of opening the market in the fourth quarter of this year.

Regarding allegations raised in some quarters that it misappropriated technology, it said it would "cooperate fully with the Korea Fair Trade Commission (KFTC) investigation and clearly ascertain the facts."

On the 19th, the NXT Consortium's launch-preparation committee released a statement saying, "On the 13th, we obtained preliminary approval from the Financial Services Commission (FSC) for investment brokerage in beneficial certificates (a fractional-investment OTC exchange)," adding, "To fulfill our responsibilities as promoters, we are forming the launch-preparation committee to establish the NXT Consortium company."

Participants in the committee include Nextrade, Shinhan Securities, Musicow and Blueward. They said they will proceed without disruption with steps such as establishing the corporation, securing specialized personnel, building the trading system and obtaining final approval, with the aim of opening the market in Q4.

The committee said it will "actively leverage the know-how of the investing institutions to provide investors with innovative yet stable trading services, growing into a distribution platform that simultaneously enhances trading convenience and strengthens investor protection."

The NXT Consortium has received a 'conditional approval,' under which the license is valid only if certain conditions are met.

On the morning of the 13th, the FSC held a regular meeting and selected two operators for fractional-investment OTC exchanges: an NXT-led consortium and a Korea Exchange-led consortium (KDX).

However, of the two, the NXT Consortium—against which Lucent Block raised a technology-misappropriation issue—was granted conditional approval. Under the condition, if the KFTC begins an administrative investigation under the Fair Trade Act, the final-approval review process will be suspended. Financial authorities said that while they assessed there was no issue by citing the judgment of the Financial Supervisory Service's External Evaluation Committee, they attached the condition because it is necessary to respect the KFTC's decision as another government body.

In response, the committee said, "If the KFTC conducts an administrative investigation in connection with the FSC's preliminary-approval conditions, we will cooperate fully and clearly show that the tech-theft allegations are not true."

Min-kyung Shin, Hankyung.com reporter radio@hankyung.com