Korea Takes First Step to Open Won Market, Seeks Applicants

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(Bloomberg) -- South Korea will begin accepting registrations from foreign investors to trade the won onshore, taking its first step to open up its currency ...

-- South Korea will begin accepting registrations from foreign investors to trade the won onshore, taking its first step to open up its currency market to global traders.The government will take applications starting Wednesday from foreign financial institutions that are willing to trade the onshore won using the local interbank foreign-exchange market, the finance ministry said in a statement.

As part of those moves on the currency side, the government has said it will extend onshore trading hours to 2 a.m. starting July 2024 before ultimately allowing 24-hour trading. Global funds must sign credit line contracts with at least 10 Korean financial institutions including at least four “FX leading banks” to be eligible for registration, according to a separate set of guidelines announced Wednesday.

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