South Korea Launches 24-Hour Won Trading
The move aims to liberalize currency markets and achieve developed market status.
South Korea has introduced round-the-clock trading for its currency, the won, a significant step in its ongoing efforts to liberalize its financial markets. This initiative is part of a broader strategy by Seoul to secure developed-market status, a designation that could attract more foreign investment.
The introduction of 24-hour trading aims to enhance the won's accessibility for international investors and align South Korea's financial infrastructure with global standards. Global index provider MSCI assesses countries for developed-market status, and this move is expected to bolster South Korea's case.
Previously, won trading was restricted to standard business hours, creating limitations for investors operating in different time zones. The extended trading window is intended to reduce currency risk and improve efficiency for participants in the global financial system.