The Korea Securities Depository plans to open a New York office in June next year, its first overseas-office expansion since establishing a Hong Kong office in May 2011. The office will support custody and settlement for overseas securities, strengthen cooperation with U.S. financial institutions and respond to rising South Korean investment in U.S. stocks. Holdings for domestic investors rose from about $8.4 billion at the end of 2019 to $200.2 billion in early October. The initial team is planned to total three people. KSD will finalize dispatched personnel this month, arrange visas and related procedures, and sign a lease for the office within the year. The board approved the plan last week, while KSD is also working with institutions including the Depository Trust Company and Broadridge on overseas market infrastructure and shareholder voting rights.