South Korea transitioned its Seoul foreign exchange market to a 24-hour continuous trading system on Monday [1].
The shift aims to increase accessibility for foreign investors and provide greater convenience for import and export companies. By streamlining won-dollar transactions, the government intends to strengthen the global appeal of the Korean won.
Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol led the opening ceremony at the Hana Bank headquarters dealing room in Jung-gu, Seoul [1, 2]. He was joined by Bank of Korea Deputy Governor Kwon Min-soo, Hana Financial Group Chairman Ham Young-joo, and Hana Bank President Lee Ho-sung [1, 2].
Under the new system, trading will operate continuously from 6 a.m. on Monday until 6 a.m. on Saturday [1, 3]. The only exception to this schedule is Jan. 1, which remains a holiday [1].
"Foreign exchange market 24-hour opening is a reform measure that reflects high demand from foreigners and is a core infrastructure to achieve the level of advanced markets," Koo said [1].
Government officials said the move is designed to align South Korea's financial infrastructure with international standards. By removing the time constraints of the previous trading window, the administration believes the capital market will become more liquid and attractive to global participants.
"It will be a starting point for the global leap of the won, and the attractiveness of our capital market and the won will increase," Koo said [1].
“The Seoul foreign exchange market transitioned to a 24-hour continuous trading system on Monday.”
This transition represents a significant deregulation of South Korea's financial markets, moving away from restrictive trading windows to mirror the 24-hour nature of global currency markets. By extending hours until Saturday morning, Seoul is attempting to reduce the 'time-zone gap' that often hinders foreign institutional investors, potentially increasing the won's liquidity and stability as a tradable asset on the global stage.
