Won-dollar foreign exchange trading will switch to a 24-hour system from July 6.
The Seoul Foreign Exchange Market Operating Council said on May 31 it approved revisions to its code of conduct at a general meeting held on May 29.
Won-dollar trading hours will be expanded to run from 6 a.m. Monday to 6 a.m. Saturday on New York summer time.
When daylight saving time does not apply, the market will operate from 7 a.m. Monday to 7 a.m. Saturday.
Trading hours for currencies other than the U.S. dollar will remain unchanged at 9 a.m. to 3:30 p.m.
The current closing exchange rate at 3:30 p.m. Seoul time and the basic rate for transactions will be maintained for the time being. They are set to change to a time-weighted average exchange rate method after a grace period.
The council expected the expanded trading hours to help reduce gaps in foreign exchange trading and improve the convenience of currency exchange for domestic and overseas investors as well as exporters and importers.
Ji-young Lee (이지영)
ljy@d-today.co.kr