SEOUL, Feb. 7 (Xinhua) -- South Korea's finance ministry said Tuesday that it will extend trading hours in the foreign exchange market and allow registered foreign institutions to participate in the local inter-bank market.
The foreign exchange market, which is currently operated for six and a half hours from 9:00 a.m. to 3:30 p.m. local time, will be extended to 17 hours through 2:00 a.m. the following day, according to the Ministry of Economy and Finance.
The ministry said it will seek to run the market around the clock going forward according to market conditions and preparations by the banking industry.
Registered foreign institutions will be allowed to trade in the local inter-bank foreign exchange market.
The ministry has planned to submit the revised foreign exchange act to the parliament in the third quarter of this year, aiming to enforce the revision in the second half of 2024 after a six-month pilot run. ■