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July 16, 2024

Hana Bank’s extended forex trading kicks off on smooth run

PUBLISHED : July 02, 2024 - 16:45

UPDATED : July 02, 2024 - 16:45

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Hana Bank’s foreign exchange trading room in Seoul, the largest in South Korea, completed its first extended trading session on Tuesday.

Starting Monday, Korea extended its foreign currency trading hours, pushing the closing time from 3:30 p.m. to 2 a.m. the following day. This move is part of Korea’s strategy to enhance its financial market and attract more foreign capital, with won-dollar trading now available until 5 p.m. in London and 1 p.m. in New York.

Additionally, foreign financial companies can now participate in Korea’s forex market.

To oversee the launch of these extended operations, Finance Minister Choi Sang-mok and Bank of Korea Deputy Gov. Ryoo Sang-dai visited Hana Infinity Seoul on Monday night. They monitored real-time forex market activity and assessed overseas conditions via video call with the London branches of Hana Bank and State Street Bank and Trust --both registered foreign institutions.

Hana Bank has prepared extensively for this shift, inaugurating the cutting-edge, round-the-clock trading room Hana Infinity Seoul in April and increasing overnight staffing. Furthermore, the bank secured Korea’s first business agency agreement with a registered foreign institution to promote global forex services.

As part of this initiative, Hana Bank plans to establish a treasury center in London by year-end, initially staffed with approximately 10 professionals. This center will serve as a cornerstone of its global hub, connecting key global financial centers such as Seoul, Singapore and New York, to engage with international investors and explore new opportunities.

Hana Financial Group Chairman Ham Young-joo highlighted the bank’s pioneering role in Korea’s forex market evolution, stating, "Hana Bank, which introduced 24-hour forex trading in Korea in 2022 and achieved the highest won-dollar trading volume last year, has spearheaded transformative initiatives in our domestic forex landscape."

"Leveraging the group and Hana Bank’s global networks, we are committed to attracting foreign capital to Korea and driving successful improvements in the forex market system," added Ham.

By Choi Ji-won (jwc@heraldcorp.com)

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