Financial authorities have set up a task force as Britain's decision to leave the European Union dealt a blow to the domestic market.

The Financial Services Commission convened an urgent executive meeting chaired by Chairman Yim Jong-yong at 2 p.m. Friday and inspected market conditions triggered by the Brexit decision.

The commission will activate an around-the-clock monitoring system as markets around the world are believed to suffer short-term adverse effects from the decision. To this aim, the commission launched an emergency response team together with the Financial Supervisory Service to monitor market situations at home and abroad.

It will also prepare to take preemptive stabilizing measures in case excessive changes suddenly occur in the financial market. The commission will also draft a contingency plan to ensure that prepared measures can be implemented swiftly and boldly. 

More concrete measures will also be prepared to stabilize the market if uncertainties linger on excessively. 
Such measures will be implemented in phases if volatility, especially in the stock market, sharply accelerates.