Daily FX transactions rise over 10 pct after 24-hour trading

Seoul, Aug. 14 - Spot transactions in the foreign exchange market surged over 10 percent following the introduction of 24-hour trading, the finance ministry reported on Friday. The Ministry of Finance and Economy disclosed the figures during a task force meeting to evaluate the new 24-hour trading system for the South Korean won, which went live on July 6 as part of government initiatives to enhance foreign investors' access to the country's financial market.

Since the launch, the market infrastructure has functioned smoothly with no incidents reported, and the won-dollar exchange rate has remained stable compared to major currencies, according to the ministry. The government stated that daily spot transactions reached US$17.39 billion in the first half of the year and increased by 10.1 percent to US$19.14 billion after the 24-hour trading system's inception.

Meeting participants observed that trading during late-night hours is gaining momentum gradually due to factors such as the system's infancy stage and time zone discrepancies with overseas markets.