South Korea plans 24-hour forex market next year

Lee expressed regret that the South Korean market has not yet been included in the Morgan Stanley index, citing a lack of preparation and identifying the offshore trading market as the key issue. “We plan to resolve that issue quickly,” he said. He added, “Has the Morgan Stanley chairman arrived? I wanted to meet personally and appreciate your attention,” signaling his strong commitment to inclusion in the MSCI Developed Markets Index. Lee returned to South Korea on the night of Sept. 26 after a five-day, three-night trip to New York for the U.N. General Assembly.

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The government plans to open South Korea’s domestic foreign exchange market 24 hours a day next year and establish an offshore won settlement system. The measures aim to make it easier for foreign investors to trade the won. While the reforms are expected to increase foreign currency inflows, some analysts warn they could also heighten exchange rate volatility.

On Sept. 26, the Ministry of Economy and Finance unveiled the plan in a report titled Current Status and Improvement Measures of the Foreign Exchange Market. To address trading gaps for overseas investors, the government will restructure the domestic foreign exchange market, which currently operates from 9 a.m. to 2 a.m., into a 24-hour system. The move appears aimed at promoting trading during U.S. market hours, which had previously been limited by time differences.

The government also plans to introduce a new system allowing foreign investors to make offshore won settlements at any time. The Bank of Korea will set up a 24-hour offshore won settlement network so foreign financial institutions can conduct won settlements at night. Currently, the Bank of Korea’s existing offshore won settlement system, Bok-Wire, operates only until 5:30 p.m.

The move is expected to strengthen the won’s influence. An investment industry official said, “South Korea now has more than $400 billion (about 565 trillion won) in foreign exchange reserves, which has improved our financial soundness. This could lead to an increase in foreign investment in won-denominated assets.”

Concerns have also emerged over increased exchange rate volatility. A Ministry of Economy and Finance official said, “We will monitor short-term volatility closely and strengthen communication with market participants.” Some analysts view the move as part of preparations for a currency swap agreement with the United States, which has often entered into swaps with countries whose currencies are global reserves or whose foreign exchange markets operate 24 hours a day. However, the government has said the announcement is unrelated to the U.S.-South Korea currency swap agreement.

On Sept. 25 local time, President Lee Jae-myung spoke at the Korea Investment Summit at the New York Stock Exchange and on Facebook, saying, “We will announce a comprehensive roadmap for inclusion in the MSCI (Morgan Stanley Capital International) Developed Markets Index by the end of the year,” and added, “We will end the ‘Korea discount’ and usher in an era of ‘Korea premium.’”

Lee expressed regret that the South Korean market has not yet been included in the Morgan Stanley index, citing a lack of preparation and identifying the offshore trading market as the key issue. “We plan to resolve that issue quickly,” he said. He added, “Has the Morgan Stanley chairman arrived? I wanted to meet personally and appreciate your attention,” signaling his strong commitment to inclusion in the MSCI Developed Markets Index. Lee returned to South Korea on the night of Sept. 26 after a five-day, three-night trip to New York for the U.N. General Assembly.


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