Korea to push for 24-hour FX market, Korean won settlement system for MSCI inclusion

Korea will push for the 24-hour operation of its foreign exchange (FX) market and the establishment of an offshore Korean won settlement system as part of efforts to improve foreign accessibility to its capital markets, the finance ministry said Friday. The measures are being considered as part of a comprehensive road map designed to help the country get included in the developed market index by the global index provider Morgan Stanley Capital International (MSCI), which will be unveiled later this year, according to the Ministry of Economy and Finance. Currently, Korea's FX market operates until 2 a.m., offering improved access to European investors but limited access to those in the United States. The ministry said it is considering extending the operating hours to an all-day system and allowing offshore settlement in the Korean won for foreign investors to secure sufficient transactions for the FX market. If realized, foreign financial institutions would be able to hold won accounts in Korea and directly manage won transactions. Finance Minister Koo Yun-cheol explained Korea's effortsWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times