Both were set up with the help of Korea Exchange (KRX), which runs the third-largest bourse in Asia.
Their success at Korea Exchange Bank may be an ominous precedent.
Between January and June, the operating profits of the ten accounted for more than 70% of the profits of all the companies listed on the Korea Exchange.
There are big plans for Russia, sub-Saharan Africa and South Korea, where HSBC is waiting for regulators to approve its 51% stake purchase in Korea Exchange Bank from Lone Star.
As The Economist went to press that was the choice facing HSBC, whose dogged pursuit of Korea Exchange Bank (KEB) has become a litmus test of South Korean attitudes to foreign investment.
ECONOMIST: HSBC��s difficult decision over Korea Exchange Bank
Kim Kyong Lim, chief executive of Korea Exchange Bank, the main lender to Hyundai, argues that this should be no problem, since the bank's sub-standard loans stood at less than 18% of its portfolio at the end of June.
Deutsche was also fined 1bn won over the alleged manipulation, the largest fine handed down by Korea's stock exchange.
South Korea, he points out, opened its first exchange in 1956, only three years after the Korean war.
South Korea seems to be the place to invest, or at least the place that exchange-traded fund creators think you want to invest.
Chung Ju Yung, Hyundai's 83-year-old founder, cannot know whether it was wise to force his brother to give up an 8.3% stake in Hyundai Motor in exchange for 37.7% of Hyundai Industrial Development and Construction, South Korea's largest builder of apartments.
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