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Business Model Canvas: Strategic Blueprint for Investment & Securities Firms
Unlock the full strategic blueprint behind NH Investment & Securities with our Business Model Canvas. This concise, downloadable canvas reveals value propositions, revenue streams, key partners and growth levers—ideal for investors, consultants and strategists. Purchase the full, editable Word/Excel pack to benchmark, adapt and execute proven strategies.
Partnerships
Global investment banks and syndicate partners
Global investment banks and syndicate partners expand NH Investment & Securities' deal flow for ECM/DCM and cross-border M&A, supplying underwriting capacity and distribution to international investors; in 2024 syndicates remained central to large deals where co-leads/bookrunners typically allocate 30–50% of underwriting tranches to manage exposure and pricing efficiently.
Domestic exchanges, clearing houses, and custodians
Partnerships with KRX and KOFIA-linked infrastructures and clearing entities ensure seamless trading and settlement, with KRX cash market trading value of about KRW 1,500 trillion in 2024 supporting high liquidity. Custodian banks safeguard client assets and facilitate lending and securities borrowing, enabling NH to offer margin and repo services. These ties reduce operational risk, expand market access, and enable new listings and derivative innovations such as structured products and futures.
NH Financial Group affiliates
Affiliations with NH Bank, NH Life and group units enable cross-selling and integrated client coverage across retail and institutional segments in 2024, boosting referrals and bundled solutions. Shared data insights from group CRM and transaction feeds shorten onboarding and improve product fit. Group funding and balance sheet support enhance underwriting capacity and margin flexibility. Joint marketing amplifies brand reach across channels.
Fintech, data, and technology vendors
API providers, OMS/EMS platforms, and analytics vendors power NH Investment & Securities digital brokerage and advisory by streamlining order flow, portfolio analytics, and client reporting; cloud leaders (AWS ~32% and Azure ~23% global market share in 2024) and cybersecurity partners provide scale and resilience, while alternative data and AI partners enhance research, risk models, and personalization, accelerating time-to-market for new features.
- APIs: faster integrations with third-party fintechs
- OMS/EMS: low-latency execution and compliance
- AI/Alt-data: improved alpha generation and personalization
- Cloud & Cyber: scalable infra and 99.99%+ SLA resilience
Corporate issuers, PE/VC funds, and law/accounting firms
Deal origination for NH Investment & Securities relies on deep ties with corporate issuers and PE/VC sponsors; repeat relationships drive a durable IB pipeline and faster mandate flow within NongHyup Financial Group, which held roughly KRW 700 trillion in assets as of 2024.
Law and accounting firms enable diligence, deal structuring, and K-IFRS/regulatory compliance, while ecosystem collaboration shortens execution timelines and improves outcomes through coordinated due diligence and standardized documentation.
- Deal origination: issuer and sponsor ties
- Diligence: law & accounting firms
- Efficiency: ecosystem collaboration
- Durability: repeat mandates build pipeline
Global syndicates 30-50% co-leads, KRX KRW 1,500T, cloud-AI speed
Global banks and syndicates supply ECM/DCM underwriting and cross-border distribution (2024 co-lead allocations 30–50%). KRX/KOFIA links ensure settlement and liquidity (KRW 1,500T cash trading 2024). NH Group ties drive referrals and balance-sheet support (NongHyup assets ~KRW 700T 2024). Tech, cloud (AWS 32%/Azure 23% 2024) and AI partners speed productization and risk models.
| Partnership | 2024 Metric |
|---|---|
| Syndicates | 30–50% alloc |
| KRX liquidity | KRW 1,500T |
| NongHyup assets | KRW 700T |
| Cloud share | AWS 32% / Azure 23% |
What is included in the product
Detailed Word Document
A comprehensive Business Model Canvas for NH Investment & Securities detailing its nine blocks—customer segments, channels, value propositions, revenue streams, key resources, activities, partners, cost structure and customer relations—reflecting real-world operations, competitive advantages and linked SWOT insights for presentations, investor discussions and strategic validation.
Customizable Excel Spreadsheet
High-level, editable Business Model Canvas for NH Investment & Securities that condenses strategy and operations into a single page, saving hours on formatting and enabling quick comparison, collaboration, and decision-making for teams and executives.
Activities
Securities brokerage and execution
Facilitating equity, bond, and derivatives trades across domestic and global markets, NH Investment & Securities emphasizes best-execution and smart order routing while offering margin financing to institutional and retail clients in 2024. Research-driven trade ideas and corporate access programs support client outcomes and deal flow. Robust post-trade operations manage clearing, settlement, and custody workflows to mitigate counterparty and operational risk.
Investment banking and capital markets
NH Investment & Securities originates and underwrites ECM and DCM transactions and advises on M&A, structuring IPOs, rights issues, convertibles and private placements to optimize client capital raises. It conducts rigorous due diligence, valuation and syndication processes to allocate risk and maximize pricing outcomes. The firm coordinates marketing via roadshows and investor education to support successful deal execution.
Wealth and asset management solutions
As of 2024 NH Investment & Securities delivers discretionary mandates, wrap accounts and model portfolios across equities, fixed income and alternatives, curating mutual funds, ETFs, structured products and third‑party managers. The firm provides financial planning, tax‑aware strategies and retirement solutions tailored to client goals. Portfolios are monitored with VaR and exposure limits and rebalanced periodically, typically on a quarterly cadence.
Research, analytics, and product development
NH Investment & Securities produces equity, credit, macro and quant research to inform trading, advisory and portfolio construction, using data science to detect signals and personalize client insights; the firm builds derivative and structured payoff products tailored to mandates while ensuring alignment with 2024 regulatory requirements and internal risk appetites.
- Research: equity, credit, macro, quant
- Products: derivatives, structured payoffs
- Tech: data science for signals & personalization
- Governance: regulatory and risk alignment (2024)
Risk management, compliance, and operations
Risk management monitors market, credit, liquidity and operational risks in real time across trading, lending and custody; compliance enforces AML/KYC, suitability and conduct standards; treasury oversees collateral and funding across cycles while operations run scalable back-office, technology and client support to maintain resilience and service continuity.
- Risk types: market, credit, liquidity, operational
- Compliance: AML/KYC, suitability, conduct
- Treasury: collateral, funding cycles
- Operations: back-office, tech, client support
Integrated capital markets: multi-asset execution, ECM/DCM origination, advisory and real-time risk
Facilitating multi-asset execution, smart order routing and margin lending while supporting clients with research-driven trade ideas and corporate access. Originating and underwriting ECM/DCM, M&A and private placements with due diligence, syndication and investor roadshows. Delivering discretionary portfolios, advisory, structured products and real-time risk/compliance oversight aligned with 2024 rules.
| KPI | Metric (2024) |
|---|---|
| Trades executed | multi-market execution |
| Services | ECM/DCM, M&A, wealth, research |
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Resources
Licenses, regulatory approvals, and brand
In 2024 NH Investment & Securities leverages broker-dealer and investment banking licenses to provide multi-asset services domestically and cross-border. A trusted NongHyup-affiliated brand attracts clients and counterparties, strengthening deal flow. Solid regulatory standing in 2024 supports product expansion and overseas activity, while reputation capital reduces client acquisition costs and counterparty friction.
Human capital and relationship networks
Bankers, traders, advisors and analysts drive origination and execution across NH Investment & Securities, converting market insight into deal flow. Senior coverage teams cultivate enduring corporate and institutional ties that underpin repeat mandates. Relationship managers deepen wallet share in wealth segments through segmented service models. Talent retention programs sustain the differentiated expertise that supports fee and advisory revenue.
Technology platforms and data infrastructure
High-availability trading systems deliver 99.99% uptime to support peak volumes of millions of orders per day; petabyte-scale data lakes, advanced analytics and AI engines drive research and hyper-personalized recommendations; layered cybersecurity and hybrid cloud architectures with 24/7 SOCs ensure resilience and regulatory compliance; open REST/FIX APIs enable integrations with 150+ partners and new digital channels.
Capital base and balance sheet capacity
A strong capital base at NH Investment & Securities underpins underwriting capacity, securities inventory holdings, and client margin financing, while robust funding lines and liquidity buffers stabilize daily operations and stress resilience.
Active collateral management reduces funding costs and concentration risk, and measurable balance sheet strength bolsters institutional and retail client confidence in execution and risk absorption.
- Capital supports underwriting, inventory, margin
- Funding lines + liquidity buffers = operational stability
- Collateral management = cost & risk optimization
- Balance sheet strength => higher client confidence
Research IP and proprietary models
Research IP and proprietary models give NH Investment & Securities differentiated insights through broad sector coverage and deep analyst specialization, driving higher-quality recommendations. Quantitative, risk, and pricing engines underpin trade execution and structured-product design while historical datasets enable robust backtesting and scenario analysis. Over time this intellectual property compounds into durable competitive advantage, lowering marginal cost of new products and improving hit rates.
- Coverage breadth + analyst expertise
- Quant, risk, pricing models
- Historical datasets for backtesting
- Compounding IP value
Integrated IB platform boosts origination, execution and resilient fee-generating capabilities
NH Investment & Securities' licensed broker-dealer and IB platform, seasoned coverage teams and retained quantitative/research IP form core resources, enabling origination, execution and product innovation. Robust capital, funding lines and collateral frameworks underpin underwriting and margin businesses while resilient trading systems and cybersecurity ensure continuous operations. These assets collectively reduce client friction and enhance fee generation.
| Resource | Role | Impact |
|---|---|---|
| Licenses & brand | Market access | Deal flow |
| People & coverage | Origination | Repeat mandates |
| Tech & data | Execution | Resilience |
Value Propositions
Full-service multi-asset platform
Full-service multi-asset platform bundles end-to-end brokerage, investment banking, and wealth solutions in a single relationship, allowing clients in 2024 to trade equities, fixed income, derivatives, and alternatives through one desk. Integrated custody and financing streamline settlement and margin workflows, reducing operational touchpoints. Consolidation cuts counterparty complexity and lowers overall costs for investors.
Local market leadership with global reach
NH Investment & Securities combines deep Korean-market expertise with international distribution, leveraging Korea's 2024 equity market (~$1.8 trillion market cap) to connect domestic issuers to global investors. Access to partner syndicates and global products expands client options for capital and risk management. Cross-border advisory unlocks strategic M&A and financing paths, while execution quality is maintained across time zones via integrated trading and operations.
Research-driven insights and execution
Research-driven insights deliver actionable ideas that improved client portfolio alpha in 2024, leveraging NH's integrated research-to-trade flow to tighten execution slippage and enhance risk-adjusted returns. Seamless linkage from research to trading shortened decision-to-execution times amid 2024 volatility. Corporate access and 200+ events deepened issuer understanding, while data and quant tools enabled tailored strategies across client segments.
Personalized wealth management
Personalized wealth management at NH Investment & Securities (part of NongHyup Financial Group in 2024) uses goal-based planning to align portfolios with life events such as home purchase, education and retirement.
Clients choose discretionary or advisory mandates to match engagement levels while digital tools give real-time transparency and client controls.
Integrated tax and retirement optimization boosts net outcomes and long-term replacement ratios.
- goal-based planning
- discretionary / advisory
- digital transparency & controls
- tax & retirement optimization
Trusted risk and compliance standards
Rigorous internal controls secure client assets and confidentiality, with operations targeting industry-standard 99.99% system availability and sub-0.05% transaction error rates to reduce losses and delays.
Suitability assessments and transparent disclosures support long-term client trust; regulatory alignment with Korean Financial Services Commission rules minimizes disruption and facilitates cross-border services.
- controls: asset protection, confidentiality
- ops: high availability, low error rates
- trust: suitability, transparency
- compliance: K-FSC alignment, minimal disruption
Multi-asset platform: Korea's $1.8T, 200+ issuer access
NH Investment & Securities offers a full-service multi-asset platform combining brokerage, IB, research-to-trade execution and wealth management, reducing counterparty complexity and lowering costs. It leverages Korea's 2024 equity market (~$1.8T) and 200+ corporate access events to connect domestic issuers with global investors. Goal-based wealth, discretionary/advisory mandates, digital transparency, tax/retirement optimization and 99.99% system availability underpin client trust.
| Metric | 2024 |
|---|---|
| Korea equity market cap | $1.8T |
| Corporate access events | 200+ |
| System availability | 99.99% |
Customer Relationships
Dedicated relationship management
Private client advisors and corporate coverage teams at NH Investment & Securities (a NongHyup Financial Group member) deliver continuity through dedicated relationship management, with regular quarterly reviews to align strategies with evolving needs; 24/7 proactive outreach surfaces opportunities early, and high-touch service drives retention and referral growth.
Digital self-service with human assist
Intuitive NH투자증권 apps and web platforms automate routine tasks, supporting over 2 million registered users and handling 60% of order flows in 2024. Embedded chat, call, and video deliver on-demand human assist with average response times under 2 minutes. Hybrid journeys cut time-to-execute by roughly 30%, while data-driven contextual nudges and micro-education lift engagement and conversion rates.
Institutional sales and trading coverage
Institutional sales and trading coverage delivers specialist desks that provide liquidity, block trades and listed and OTC derivatives while daily flow reports supply market color and real-time context for clients. Customized research and analytics support mandate-driven strategies and sector allocation. Post-trade analytics measure slippage and execution quality to refine algos and best-execution policies.
Events, research access, and corporate roadshows
Conferences and non-deal roadshows (NDRs) directly connect investors and issuers, while thematic webinars and teach-ins deepen investor understanding of sector trends and product specifics, and priority research access and invitation-only corporate roadshows reward active clients and institutional partners.
- Conferences/NDRs: direct issuer-investor engagement
- Thematic webinars: deepen expertise
- Priority access: rewards active clients
- Feedback loops: refine coverage focus
Loyalty and segmentation programs
Loyalty and segmentation programs use tiered benefits that track balances and trading activity to unlock preferential pricing, priority access to IPOs and research, and tailored educational tracks that speed novice progression; offers are refined through data-driven analytics to increase relevance and retention.
24/7 high-touch advisory; 2M+ users, ~60% order flow
Private client advisors and corporate coverage provide dedicated relationship management with quarterly reviews and 24/7 proactive outreach; high-touch service drives retention and referrals. NH투자증권 platforms serve over 2,000,000 registered users and handled ~60% of order flow in 2024, with hybrid journeys cutting time-to-execute ~30% and average human response <2 minutes. Institutional desks deliver liquidity, block trades, derivatives, daily flow reports and post-trade analytics. Loyalty tiers link AUM/activity to preferential pricing, IPO priority and tailored education.
| Metric | 2024 |
|---|---|
| Registered users | 2,000,000+ |
| Order flow via platforms | ~60% |
| Time-to-execute reduction | ~30% |
| Avg human response | <2 minutes |
Channels
Mobile trading and wealth app
NH Investment & Securities' mobile trading and wealth app is the primary interface for retail and HNW clients, offering real-time trading, alerts and consolidated portfolio views to drive engagement. Secure onboarding with e-sign and instant KYC reduces setup time and increases conversion. In-app research and advisory tools boost retention; South Korea smartphone penetration reached about 96% in 2024, supporting mobile-first adoption.
Web platform and client portal
As of 2024 NH Investment & Securities web platform and client portal deliver advanced charting, customizable screeners, and comprehensive research archives for securities and macro analysis. Secure document vaults and automated tax and compliance reporting streamline advisor workflows and client audits. Integrated order management with real-time analytics and execution tools supports high-frequency strategies. Platform is tailored for power users and financial advisors.
Branch network and investment centers
NH Investment & Securities leverages a branch network and investment centers—about 120 branches nationwide as of 2024—to deliver face-to-face consultations and trust-building seminars. On-site account opening, notarization and transaction support accelerate client onboarding and retention. Local presence drives regional client acquisition through tailored outreach and relationship banking. Event spaces across centers host financial education and investor outreach programs, boosting engagement metrics.
Institutional sales desk and APIs
Institutional sales desk provides direct lines for RFQs, program trades and liquidity distribution, complemented by FIX and REST APIs for electronic connectivity; service-level agreements target 99.9% uptime in 2024 to guarantee execution reliability.
- Direct RFQs, program trades, liquidity
- FIX and REST APIs
- White-labeled partner access
- SLA 99.9% uptime (2024)
Marketing, social, and media channels
Thought leadership amplifies NH Investment & Securities research by syndicating analyses across owned media and partner outlets, leveraging South Korea’s 96% internet penetration in 2024 to extend reach. Targeted digital campaigns and re-engagement flows improve client acquisition and retention through personalized offers and CRM segmentation. Educational content—webinars, micro-courses and reports—builds credibility with retail and institutional investors. PR coordinates deal announcements and brand narratives to support M&A and ECM flow.
- Research amplification: syndicated reports, analyst visibility
- Targeted campaigns: CRM segmentation, personalized acquisition/re-engagement
- Educational content: webinars, investor courses, trust-building
- PR: deal announcements, brand reputation for ECM/M&A flow
Omni-channel investing: mobile (96% pen.), web, 120 branches, APIs
NH Investment & Securities uses mobile app (96% smartphone penetration in SK, 2024) and web portal for retail/HNW, plus 120 branches for face-to-face advisory; institutional channels include RFQ, FIX/REST APIs and SLA 99.9% (2024). Research syndication and targeted CRM campaigns drive acquisition and retention.
| Channel | Key metric (2024) |
|---|---|
| Mobile app | 96% smartphone pen. |
| Branches | 120 nationwide |
| Institutional | SLA 99.9%, FIX/REST |
Customer Segments
Retail investors and active traders
Retail investors and active traders use NH Investment & Securities for access to equities, ETFs, bonds and derivatives, with Korea Exchange retail participation around 60% of daily KOSPI volume in 2024. Demand centers on low-latency execution, advanced charting and education; NH promotes tools and content to drive engagement. Competitive pricing and promotions are used to attract volume, while mobile-first interfaces (over 70% of client sessions industry-wide in 2024) dominate usage.
High-net-worth and affluent clients
High-net-worth and affluent clients require bespoke portfolios, credit lines, and estate planning, with discretionary mandates and alternatives (private equity, hedge funds) accounting for a growing share of allocations; global HNWI population was about 22.8 million in 2024 and South Korea had roughly 300,000 HNWIs that year. Dedicated advisors and premium concierge services differentiate NH Investment & Securities, where privacy and sub‑24‑hour service turnaround are critical for retention.
Institutional investors
Pension funds, insurers, asset managers and hedge funds rely on NH Investment & Securities for deep liquidity, proprietary research and high execution quality; in 2024 institutional mandates grew alongside Korea’s pension AUM (National Pension Service ~1,100 trillion KRW), driving demand for derivatives and securities finance solutions and making customized reporting and strict compliance mandatory.
Corporate issuers and financial sponsors
Corporate issuers and PE/VC funds seek NH Investment & Securities for capital and advisory across IPOs, bond issuances and M&A, with the firm providing balance-sheet support and wide distribution to underwrite and place transactions. Ongoing sector coverage and post-deal advisory foster repeat mandates and long-term client relationships. Deal structuring and syndication capabilities drive fee and financing pipelines.
- Clients: companies, PE/VC
- Services: IPOs, bonds, M&A
- Support: balance-sheet, distribution
- Outcome: repeat coverage-driven mandates
Public sector and quasi-sovereign entities
Public sector and quasi-sovereign clients—government funds and agencies—require issuance and investment services with strict compliance and transparency; in 2024 South Korea’s general government debt was about 52% of GDP, underscoring demand for conservative solutions. Procurement cycles are long but yield stable, multi-year mandates, with strong emphasis on risk control and cost efficiency in mandate structuring.
- clients: government funds, agencies
- 2024 fact: general government debt ≈ 52% of GDP
- needs: compliant, transparent issuance/investment
- dynamics: long procurement, stable relationships
- focus: risk management, cost efficiency
Retail-first trading: 60% KOSPI vol, 70% mobile; HNWI mandates, institutional liquidity
Retail traders (≈60% of daily KOSPI volume 2024) demand low‑latency execution and mobile-first tools (>70% sessions 2024); HNWI (~300k in SK, 22.8M global 2024) seek bespoke mandates; institutions (NPS AUM ≈1,100t KRW 2024) need liquidity and compliance; corporates/government (govt debt ≈52% GDP 2024) use underwriting and conservative issuance.
| Segment | Key fact 2024 | Primary need |
|---|---|---|
| Retail | 60% KOSPI vol; >70% mobile | Execution, apps, education |
| HNWI | ~300k SK; 22.8M global | Discretionary, privacy |
| Institutional | NPS ≈1,100t KRW | Liquidity, reporting |
| Public/Corp | Govt debt ≈52% GDP | Issuance, compliance |
Cost Structure
Personnel and compensation
Salaries, bonuses and incentives at NH Investment & Securities cover front-, middle- and back-office roles, with front-office variable pay typically 30–50% of total compensation, middle-office 10–20% and back-office 5–15%. Variable pay structures are tied to performance and risk metrics to align incentives and capital allocation. Intense talent competition in 2024 pushed industry base salaries up roughly 5–8% year-on-year, while training, certification and accreditation costs add about 2–4% to total payroll spend.
Technology and infrastructure
Technology and infrastructure costs cover trading systems, real-time data feeds, and cloud services, with cloud becoming the dominant platform for low-latency execution and analytics in 2024.
Significant spend is allocated to cybersecurity, resilience, and business continuity to meet Korean Financial Services Commission standards and operational risk controls.
Licenses for OMS/EMS and analytics platforms plus ongoing development and maintenance cycles drive recurring CAPEX/OPEX in NH Investment & Securities.
Regulatory, compliance, and risk
AML/KYC, transaction reporting, and regular audits create recurring operating costs and technology investments to meet Korea FSC and global standards. Basel III liquidity coverage ratio requires LCR >=100%, forcing capital and liquidity buffers that reduce deployable capital and pressure ROE. Legal and settlement expenses rise with product complexity and cross-border trades. Model validation and control frameworks demand senior quantitative and compliance specialists on staff.
Distribution, marketing, and client service
Distribution, marketing, and client service for NH Investment & Securities center on branch operations, call centers, and client events driving transaction flow; digital acquisition and brand campaigns expand retail reach while research production and corporate access fund analyst coverage; client onboarding and servicing create ongoing overhead across compliance, IT and relationship teams.
- Branch ops, call centers, events
- Digital acquisition & branding
- Research & corporate access
- Onboarding & servicing overhead
Funding, clearing, and market access fees
Funding costs center on interest expense from margin loans and inventory financing, driven by short-term Korea base rates and client leverage; exchange, data, and connectivity fees are recurring fixed costs for market access; clearing, custody, and settlement charges scale with traded volume and asset custody; syndication and underwriting outlays are deal-contingent, covering syndicate fees, due diligence, and distribution expenses.
- Interest expense: margin & inventory financing
- Exchange, data, connectivity fees
- Clearing, custody, settlement charges
- Syndication & underwriting outlays
Payroll 40–55%, tech 20–25%, funding 3.5%, LCR ≥100%
Salaries (front 30–50% variable, middle 10–20%, back 5–15%) plus 2024 base-pay rise 5–8% and training ~2–4% drive largest expense. Tech, cloud, cybersecurity and compliance (AML/KYC, audits) account for ~20–25% of OPEX. Funding costs tied to 2024 Korea policy rate ~3.5% and clearing/data fees scale with volume. LCR >=100% constrains deployable capital.
| Cost item | Typical %/figure | 2024 note |
|---|---|---|
| Payroll | 40–55% OPEX | base +5–8% |
| Tech & Cyber | 20–25% OPEX | cloud dominant |
| Funding | ~3.5% rate | margin & inventory finance |
Revenue Streams
Brokerage commissions and trading spreads
Brokerage commissions from equity, bond and derivative executions form a core revenue stream, while NH Investment & Securities also captures trading spreads via market-making and facilitation activities. Payment-for-order-flow or routing rebates are limited in Korea as of 2024, so trading-related fees remain the primary capture mechanism. Trading volume and market volatility drive cyclicality, with higher client activity lifting top-line brokerage income.
Investment banking advisory and underwriting fees
Investment banking advisory and underwriting fees at NH Investment & Securities derive from M&A, ECM and DCM mandates, with bookrunner and co-manager fees on equity and debt offerings forming core income streams. Success fees and retainers create a blended revenue profile that stabilizes cash flow across deal cycles. Ancillary charges from documentation, escrow and syndication services add incremental fee income.
Wealth and asset management fees
NH투자증권의 자산관리 매출은 자문·랩·일임보수(통상 AUM의 0.3–2.0%)와 펀드 유통·트레일 커미션을 축으로 하며, 일부 위탁운용·특정 위임에 대해 성과보수(초과수익의 10–20%)를 부과하고, 수탁·플랫폼 수수료가 지속적 부가수익을 제공한다.
Net interest income and securities finance
- Margin lending / stock borrow: KRW 150bn (2024)
- Repo & collateral spreads: 20–40 bps
- Treasury optimization: ~KRW 60bn stable income
- Client cash sweep yield: ~1.8%
Principal investment and trading gains
Principal investment and trading gains stem from proprietary positions and active inventory management P&L, with structured products and derivatives materially contributing in 2024; FX and rate trading provided diversification (around 15% of trading income in 2024) while tightened risk controls aim to smooth volatility across cycles.
- Proprietary P&L focus
- Structured products & derivatives
- FX & rates ~15% (2024)
- Risk controls smooth volatility
Trading fee cyclicality; IB & WM deal fees; NII KRW 210bn, FX/rates ~15%
Brokerage commissions and market-making drive core trading fees, with volume and volatility cyclicality. IB fees from ECM/DCM/M&A and advisory provide deal-based income. Wealth management AUM fees (0.3–2.0%) and performance fees (10–20%) plus NII (margin/stock borrow KRW 150bn; treasury KRW 60bn) and principal trading (FX/rates ~15%) round out revenue.
| Stream | 2024 | Note |
|---|---|---|
| Margin/stock borrow | KRW 150bn | Core NII |
| Treasury | KRW 60bn | Stable |
| Repo spreads | 20–40 bps | Funding |
| FX & rates | ~15% | of trading income |