South Korea is set to allow overseas financial companies to participate in its domestic foreign exchange market in the fourth quarter of this year, Yonhap reported on Wednesday, citing the country's finance ministry.
Foreign institutions can now only access the market by establishing a branch in South Korea or collaborating with local banks, but under the new measure, which is awaiting Cabinet approval, they will be able to obtain registration from the South Korean government to directly participate in the exchange.
Under the measure, South Korea also plans to increase its trading hours from 6.5 to 17 hours.
