Global Market: South Korea to extend won trading to 24 hours in bid to boost global appeal

South Korea is set to extend won trading to 24 hours, a major departure from the currency regime established after the 1997 Asian Financial Crisis, aimed at boosting appeal to global investors and supporting its bid for MSCI developed market status. MSCI this week retained South Korea in its emerging markets index, citing concerns over market accessibility and insufficient onshore FX liquidity, with the next review scheduled for next year. Major lenders including Hana Bank, Woori Bank, Shinhan Bank and KB Kookmin Bank are expanding staffing in South Korea and London to support continuous trading, though the won remains near multi-year lows against the US dollar, raising volatility risks during thin overnight liquidity periods.