Over 30 Global Banks Flock to Pilot Extended Operation of Foreign Exchange Market

The Ministry of Economy and Finance announced on the 17th that more than 30 global banks have expressed their intention to participate in the pilot operation ahead of the full implementation of the 'Foreign Exchange Market Structure Improvement Plan,' which includes extended operation of the foreign exchange market.

Currently, more than 15 global banks have submitted registration applications, and since the first day of pilot operation trading on the 2nd of this month, they have participated in the domestic foreign exchange market and conducted spot foreign exchange and FX swap transactions smoothly. Registration applications for foreign financial institutions wishing to participate in the pilot operation will be accepted until March.

Additionally, the Ministry of Economy and Finance opened a micro page on the Ministry’s website on the same day to communicate broadly with various stakeholders, including market participants, academia, and the media. Through this, they plan to promptly and accurately provide information related to the foreign exchange market structure improvement and actively collect opinions from related industries and the general public.