South Korea's foreign exchange market is targeting July 6 for launching 24-hour trading operations while planning to phase out the Market Average Rate system by July 2027, with membership requirements being eased to expand market participation among financial institutions.
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South Korea Eyes July 6 Launch for 24-Hour FX Market, Plans to Abolish MAR System by July 2027
South Korea's foreign exchange market is targeting July 6 for launching 24-hour trading operations while planning to phase out the Market Average Rate system by July 2027, with membership requirements being eased to expand market participation among financial institutions.
Bank of Korea Governor Rhee Chang-yong confirmed the July launch of a 24-hour FX market and the transition of won derivatives' benchmark from CD rate to KOFR, aiming to boost global investor access and support WGBI and MSCI index inclusion.
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Lee Chang-yong Says 'Preparing for 24-Hour FX Market System—Transition from CD Rate to KOFR Certain'
Bank of Korea Governor Lee Chang-yong confirmed plans to launch a 24-hour FX market by July and transition won derivatives from the CD rate to KOFR, aiming to boost global investor access and support South Korea's inclusion in major global bond and equity indices.
Finance Ministry Targets 24-Hour FX Market Launch Next Year—Bank of Korea Begins Settlement System Development
South Korea aims to launch 24-hour FX trading and an offshore won settlement system by next year, accelerating MSCI index inclusion efforts and boosting foreign investor access.
South Korea's Deputy Prime Minister Gu Yoon-cheol met with MSCI Chairman Henry Fernandez in New York, reaffirming the government's commitment to capital market reforms and plans to enhance foreign investor access, including 24-hour FX trading, as part of efforts to join the MSCI Developed Market Index.
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