Seoul expands forex market hours to boost won accessibility and support its MSCI developed market upgrade bid.
South Korea will introduce 24-hour dollar-won spot trading on July 6, marking the first continuous operation of its forex market. A trial period starts June 29 to allow system testing and liquidity building ahead of the launch.
Trading will run from 6:00am Monday to 6:00am Saturday Seoul time, adjusting to 7:00am starts during US winter time. The move is part of broader reforms to liberalize foreign exchange infrastructure and secure an MSCI reclassification from emerging to developed market status.
Regulatory changes include relaxed reporting for non-residents, simplified registration, and a new offshore won settlement system. The initiative aims to enhance global accessibility to the won and modernize the country’s financial markets.