The nation's top financial market regulator has vowed to do his utmost to prepare for the integration of capital markets slated to begin in 2009.

New Financial Supervisory Commission (FSC) Chairman Kim Yong-duk pledged Monday in his inaugural speech to make it easier for financial firms to enter or exit the industry and to encourage companies to grow larger by mergers and acquisitions or asset accumulation.

Kim will also head the Financial Supervisory Service (FSS), the commission's executive body.

The Capital Market Consolidation Act, which passed the National Assembly a month ago and enters into effect in January 2009, aims to slash barriers separating the banking, securities and insurance industries, allowing brokerages, futures traders and asset managers to engage in each other's businesses.

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