substitute securities are appointed by the KRX as securities to be used for consignment guarantee money in place of cash to raise efficiency of securities and they may be used not only as the said consignment guarantee money but also as guarantee money for dealings on credit and as various guarantee, consignment guarantee money to local governments or state-invested entities.

Most of securities with value in market, such as listed stock certificates(excluding administrative issues, issues scheduled to be delisted, issues subject to listing maintenance review, investment risk issues and investment alert issues), listed bonds, KDRs, beneficiary certificates issued by asset management company and mortgage loans & asset-backed securities company, can be appointed as substitute securities.

주의Beneficiary certificate presently listed is considered as a bond in accordance with the Clause 3-2 of relevant regulations and the Clause 3-2 of their bylaws and therefore, regulations of bond is applied to that of substitute securities.