The new chief of the Financial Services Commission, Kim Joo-hyun, said stabilizing the financial market is his top priority as concerns abound over increased volatility caused by global monetary tightening.

In an inauguration speech on Monday, Kim said the FSC will work with the Financial Supervisory Service, another financial regulator, to ensure that funds are appropriately distributed in order to prevent dramatic swings in the financial system.

Kim stressed the importance of helping low-income individuals and small merchants as borrowing rates increase along with inflation.

While speaking to the press after his swearing in, Kim did not close the door on a possible ban on short-selling, stating that the market situation would dictate whether it should be pursued.

He also hinted at the possibility of adjusting the regulation banning financial institutions from owning companies in other industries, but said he did not support the comprehensive repeal of the ban.