South Korea will lengthen its onshore foreign-exchange buying and selling hours and ease guidelines on international merchants subsequent month, in a push to advance its cash market.
The nation’s foreign exchange market will function from 9 a.m. by 2 a.m. native time on weekdays underneath a brand new regulation that may 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 Economy and Finance mentioned in a press release Monday.
The new rule will even enable non-Korean monetary establishments to take part within the home foreign exchange market with out opening a neighborhood department in South Korea, the ministry mentioned. Currently, registered international establishments are required to open a department to be a professional foreign exchange dealer within the nation.
The revised regulation would assist international monetary establishments and their shopper buyers get higher entry to the native foreign exchange market, the ministry mentioned.
Limited 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 international capital.
Source web site: www.marketwatch.com
