South Korea will prolong its onshore foreign-exchange buying and selling hours and ease guidelines on overseas merchants subsequent month, in a push to advance its cash market.
The nation’s foreign exchange market will function from 9 a.m. by means of 2 a.m. native time on weekdays underneath a brand new regulation that can take impact Oct. 4, greater than doubling its day by day buying and selling hours that finish at 3:30 p.m., the Ministry of Financial system and Finance stated in a press release Monday.
The brand new rule may also permit non-Korean monetary establishments to take part within the home foreign exchange market with out opening an area department in South Korea, the ministry stated. At present, registered overseas establishments are required to open a department to be a professional foreign exchange dealer within the nation.
The revised regulation would assist overseas monetary establishments and their shopper traders get higher entry to the native foreign exchange market, the ministry stated.
Restricted foreign currency trading in South Korea has lengthy been a stumbling block to the nation’s push to be upgraded to a developed market by MSCI, a change that might entice extra overseas capital.
