Meeting Results
1. Project Approach
Project Approach for Online Broker Start-up (Discussion paper)
Timeline for Newco Establishment and Securities License
1. Timeline
Under the current timeline, which is on schedule, MOF approval of securities license will be May 2015. Final dead line of starting business operations is 6 months after the issuance of the license, i.e. November 2015.
We should not target our business start up by November 2015 as it is just a regulatory dead line. We should be ready for SEC inspection, which is a mandatory step for starting business operations, within June 2015.
2. Recruitment status
It will be quite difficult to hire people within this year mainly because December is the “bonus month” and people usually resign after receiving the bonus. In the best scenario we will hire core members by the end of January.
3. Use of Freewill Solutions system
Freewill Solutions front office system is not a brand-new system as a whole. Only web / mobile channel applications are new but core applications or server side applications, are currently used by FSS.
If so, we will be able to leverage SBITO operations by current FSS operations.
4. Project approach
It is questionable if we can run mid-term planning and quick win implementation altogether owing to resource constraint.
Considering the short time frame, we had better focus on quick win implementation for the time being. Planning track can be separately scheduled next year after securing available resources.
Even though we defer planning track, it is still necessary to define essential conditions of quick win implementation. We should define “Must have’s” by the end of December in order to kick off quick win implementation project.