South Korea will extend its onshore foreign-exchange trading hours and ease rules on foreign traders next month, in a push to advance its money market.
The country’s forex market will operate from 9 a.m. through 2 a.m. local time on weekdays under a new regulation that will take effect Oct. 4, more than doubling its daily trading hours that end at 3:30 p.m., the Ministry of Economy and Finance said in a statement Monday.
The new rule will also allow non-Korean financial institutions to participate in the domestic forex market without opening a local branch in South Korea, the ministry said. Currently, registered foreign institutions are required to open a branch to be a qualified forex trader in the country. The revised regulation would help foreign financial institutions and their client investors get better access to the local forex market, the ministry said.
Limited forex trading in South Korea has long been a stumbling block to the country’s push to be upgraded to a developed market by MSCI, a change that could attract more foreign capital.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China's Xi seriously considering South Korea visit, Yonhap reportsChina's President Xi Jinping on Saturday said he will seriously consider visiting South Korea, Yonhap news agency reported, as part of efforts to support peace and security on the Korean Peninsula.
Read more »
North Korea calls South’s leader a ‘guy with a trash-like brain’In a speech at the U.N. General Assembly last week, President Yoon Suk Yeol said South Korea “will not sit idly by” if Pyongyang and Russia agree to weapons deals that would pose a threat.
Read more »
This chip stock has a ‘50% margin’ which rivals could struggle to catch up with, portfolio manager saysNorth of South Capital’s Kamil Dimmich talks about investing in global stocks such as chip giant TSMC, Chinese tech behemoth Alibaba and South Korea’s Samsung Electronics.
Read more »
Scattered rain next 48 hours followed by warm start to OctoberThere will be locally heavy storms Tuesday and Wednesday before another dry, unseasonably warm air mass hits going into the weekend.
Read more »
What's new on Max in October 2023 -- and what's leavingGet ready for new seasons of 'The Gilded Age,' 'Our Flag Means Death,' 'Doom Patrol' and more
Read more »