韩国股市近期经历剧烈波动。[1]KOSPI指数3日大幅下跌超过5%，4日随后震荡收涨1.62%至6358.95点。[1]这一波动与监管部门的政策调整密切相关。7月31日，韩国监管机构将杠杆ETF最低存款要求从1000万韩元提高至3000万韩元。[1]新规实施第二个交易日，杠杆ETF交易量应声下降至新规前的十分之一，当日交易量约1.2万亿韩元。[1]
政策调整引发的连锁反应在散户层面尤为明显。[1]7月份因交易欠款导致的强制平仓总额达到9928亿韩元（约46.86亿元人民币），杠杆资金合计规模从高点120.6万亿韩元大幅缩水至55.7万亿韩元，收缩幅度达54%。[1]投资者信心严重受挫，纷纷逃离市场。[1]散户投资者金先生甚至表示："我给自己定了两条规矩。第一：不要投资韩国股市。第二：遵守第一条规矩。"[1]摩根大通表示，杠杆ETF平仓已完成，对冲基金去杠杆化程度已达约90%。[1]
South Korea's stock market experienced severe turbulence as regulatory tightening on leveraged products triggered widespread forced liquidations and investor exodus. The KOSPI index plummeted more than 5% on August 3rd before rebounding 1.62% to 6,358.95 points the following day [1].
The volatility intensified after South Korean regulators raised the minimum deposit requirement for leveraged ETFs from 10 million won to 30 million won on July 31st [1]. The regulatory measure proved effective in cooling speculative trading—leveraged ETF trading volume collapsed to one-tenth of pre-regulation levels by the second trading day after implementation, falling to approximately 1.2 trillion won compared to 12 trillion won on July 30th [1]. Across July, forced liquidations driven by trading margin calls totaled 992.8 billion won [1]. The aggregate leverage financing outstanding contracted sharply from a peak of 120.6 trillion won to 55.7 trillion won, representing a 54% decline [1].
The retreat has prompted retail investors to abandon the market entirely. One individual investor articulated his newfound investment discipline bluntly: "I set two rules for myself. First: do not invest in the South Korean stock market. Second: follow the first rule" [1]. According to JPMorgan Chase, the deleveraging process has largely run its course, with leveraged ETF liquidations completed and hedge fund de-risking reaching approximately 90% [1].
