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South Korea to let overseas firms enter its FX market: report

Authorities target its implementation by Q4.

South Korea has floated plans to allow overseas financial firms to participate in its foreign exchange (FX) market in the last three months of 2023, reports Yonhap, based on a statement from the Ministry of Economy and Finance.

Under the measure, authorities will reportedly allow foreign institutions that obtain registration from the government to participate in the South Korean FX market.

Currently, foreign institutions can only participate in the local FX market by opening a branch here or through other South Korean banks.

ALSO READ: South Korea daily FX turnover hit all-time high in Q1

Hedge funds, however, are still not eligible to gain the status of registered foreign institutions.

The new measure, which is subject to cabinet approval, is planned to be implemented in the fourth quarter of the year.

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