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SEOUL - South Korea is seeking to boost the global profile of its financial markets, which would also mean loosening some of the tight restrictions on the way its currency, the won, is traded.
Only a total of 56 financial institutions based in the country could participate in dollar-won spot trading for just six-and-a-half hours a day, through the two government-registered brokers: Seoul Money Brokerage Services and Korea Money Brokerage Corp. For the first time, foreign banks are allowed to participate as long as they register themselves and follow regulatory obligations imposed on the Registered Financial Institutions .The registered foreign banks can participate in dollar-won spot, forward and swap trading but they must do this through a licensed Korean FX broker, meaning they are not allowed to directly trade the won between them in the offshore market.
Foreign banks that have branches in South Korea can do so through their Seoul operations but those not in the country need to outsource the task to a local bank.
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