Banks rush to register as Korean onshore FX market opens up
Central bank eases licensing requirements as institutions look to capitalise on deliverable trades
International banks are in a race against the clock to register for a scheme that will allow them to trade in South Korea’s onshore foreign exchange market.
The Bank of Korea is to permit offshore banks that sign up as registered financial institutions to conduct deliverable interbank and dollar/won spot, forward and swap trades onshore from January 1. These designated RFIs will also be able to quote won forwards to their offshore customers and clear them with approved local brokers.
The Korean
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