17-hour currency market proceeding smoothly, authorities say
Korea's preparations to extend its currency market's operating hours are going smoothly, with pilot operations having shown no problems, foreign exchange authorities said Wednesday.
As part of deregulation efforts, the country has been preparing to extend the operating hours of its currency market, which currently runs from 9 a.m. to 3:30 p.m. The market will close at 2 a.m. starting in July.
Authorities, including the Bank of Korea, have conducted eight rounds of a test run of the extended operating hours so far, with 27 institutions, including six foreign players, participating in the trial period of spot and swap trading.
Korea has been making efforts to lift regulations and invite more foreign participants to the domestic foreign exchange market in line with its agenda to attract investment from overseas.
So far, a total of 23 foreign financial entities and registered foreign institutions have registered to extended their operating hours under the initiative.
Yonhap
with the Korea JoongAng Daily
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