Selected as Leading Banks in the Foreign Exchange Market This Year... Six Institutions Including Korea Development Bank

[Image source=Yonhap News]

The Bank of Korea and the Ministry of Economy and Finance announced on the 30th that they have selected six foreign exchange banks as FX Leading Banks in the foreign exchange market this year: Korea Development Bank, Shinhan Bank, Woori Bank, JPMorgan Chase Bank, Cr?dit Agricole Bank, and Hana Bank.

FX Leading Banks are selected annually from foreign exchange banks with sound financial health and creditworthiness, based on outstanding performance in both buy and sell transactions. This year's leading banks were selected based on last year's transaction performance.

Leading banks receive a reduction of up to 60% in the foreign exchange soundness charge proportional to their two-way transaction performance.

The foreign exchange authorities explained, "We will continue policy communication with the leading banks for the development of the foreign exchange market and institutional improvements, and will also persist in policy efforts to activate spot foreign exchange transactions by foreign exchange banks."