Finance minister rings in extended won-dollar trading hours at Hana Bank

Finance

Published: 02 Jul. 2024, 17:33

Finance minister rings in extended won-dollar trading hours at Hana Bank

From left: Bank of Korea Senior Deputy Gov. Ryoo Sang-dai, Finance Minister Choi Sang-mok and Hana Financial Group Chairman Ham Young-joo speak with a trader at Hana Bank's trading room in central Seoul on Monday, the first official day of the extension of won-dollar trading hours. [HANA FINANCIAL GROUP]

The latest extension of won-dollar trading hours signifies a further opening of the Korean currency market, said the finance minister, urging banks to take an active role in market-making.

The comment by Finance Minister Choi Sang-mok came during his visit to Hana Bank’s trading room in central Seoul, the largest in Korea, on Monday, the first day of the official extension.

Along with Choi, Bank of Korea Senior Deputy Gov. Ryoo Sang-dai visited the Hana Infinity Seoul trading room to monitor operations during the extended trading hours and to meet with traders.

Starting Monday, won-dollar trading runs from 9 a.m. to 2 a.m. the following day, extended from the previous closing hour of 3:30 p.m., after a six-month trial.

It marked “a transition in foreign exchange market operations from the previous focus on stability to a more open and competitive system,” said Choi, according to the Ministry of Economy and Finance on Tuesday.

“Hana Bank ranked first in won-dollar spot trading volume last year, taking proactive measures in line with the changing foreign exchange market, such as introducing the [Korean] industry’s first 24-hour foreign exchange trading service in 2022,” said Hana Financial Group Chairman Ham Young-joo.

“We will remain committed to attracting foreign investments in Korea with Hana Bank and Hana Financial Group’s unique strength in global networks, and take the lead for successful foreign exchange market reform.”

The central bank's Ryoo stressed that the role of financial institutions is crucial to ensuring the market will not experience excessive volatility, and promised that the financial authorities will closely monitor the market situation to ensure stability.

From 3:30 p.m. Monday to 2 a.m. Tuesday, the spot trading volume of the local currency and the greenback stood at $2.46 billion, “a decent level” for overnight trading compared to other currencies, according to the ministry.

Hana Bank relocated its trading room in April ahead of the trading hour extension. The newly-built Hana Infinity Seoul spans 2,096 square meters (22,561 square feet) with 126 seats.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]