Daily spot transactions in foreign exchange market jump 10% since launch of 24-hour system

Daily spot transactions in the foreign exchange market rose more than 10 percent following the launch of around-the-clock foreign exchange trading last month, the Ministry of Finance and Economy said Friday.

The ministry revealed the data during a task force meeting to review the 24-hour trading system for the won, which was launched July 6 as part of the government's efforts to improve foreign investors' access to the country's financial market.

"Since the launch of the 24-hour foreign exchange trading system, the market infrastructure has been operating smoothly without any incidents, and the dollar-won exchange rate has remained stable compared with those of major currencies," the ministry said.

According to the government, daily spot transactions totaled $17.39 billion in the first half of the year and rose 10.1 percent to $19.14 billion after the launch.

Participants at the meeting noted that trading during late-night hours is growing at a moderate pace due to factors such as the system being in its early stages and time zone differences with overseas markets.

Yonhap