Finance 2024-07-0213:25
Finance Minister Choi Sang-mok, center, applauds together with Bank of Korea Deputy Governor Ryoo Sang-dai, left, and Hana Financial Group Chairman Ham Young-joo, right, as they connect to London branches of Hana Bank and State Street Bank and Trust Company at Hana Infinity Seoul, Monday, which is the first day Seoul extended the operating hours of the won-dollar exchange market. Courtesy of Hana Financial Group
By Yoon Ja-young
Foreign exchange trading is going smoothly following an extension of trading hours, Hana Bank reported Tuesday.
Korea on Monday extended the operating hours of the won-dollar exchange market to 9 a.m.-2 a.m. the following day, from the previous close at 3:30 p.m. Since it overlaps with trading hours of London, which is at the center of the global financial market, the measure is expected to enhance convenience of participants in the Seoul forex market such as foreign investors and Korean firms operating overseas.
On Monday, which was the first day of the extended trading hours, Finance Minister Choi Sang-mok and Bank of Korea Deputy Governor Ryoo Sang-dai visited Hana Bank's dealing room, Hana Infinity Seoul, to monitor the market in real time and connect with London branches of Hana Bank and State Street Bank and Trust Company.
Hana opened Hana Infinity Seoul in April, preparing for the operating hours extension of the forex market. The around-the-clock trading room equipped with high-tech infrastructure has an area of 2,096 square meters — the largest dealing room in the country. Hana expanded foreign exchange services to foreign financial companies, inking deals with a registered foreign institution for the first time here.
Hana plans to establish a financial center in London in the latter half of this year and set up a global hub encompassing Seoul, Singapore and New York, to improve global investors' access to the Korean forex market.
"We have been leading the forex market, being the top in won-dollar spot trading last year. We have always moved preemptively, introducing a 24-hour foreign exchange service for the first time here in 2022," Hana Financial Group Chairman Ham Young-joo said.
"Based on our strong global network, we will lead the successful transition of the Seoul forex market," he said.
