Hana Bank Executive Vice President Cho Beom-jun (R) holds an agreement with Next Securities CEO Kim Seung-yeon at the head office of Hana Bank in Seoul on Wednesday. The two companies plan to improve the infrastructure for foreign investors in the South Korean stock market. Photo courtesy of Hana Bank
SEOUL, April 16 (UPI) — South Korea’s Hana Bank said Thursday it teamed up with local brokerage firm Next Securities to provide better infrastructure for foreign investors in the country’s stock market.
The two agreed to reduce inconvenience for overseas investors in the foreign exchange market by providing real-time data and applying those rates around the clock beginning in the latter part of this year.
The Korean foreign exchange market operates from 9 a.m. to 2 a.m. Korea Standard Time the following day. In other words, it is not open between 2 a.m. and 9 a.m..
Given the hours it is open, criticisms have been lodged that the seven-hour gap poses challenges for U.S.-based investors during their afternoon trading sessions.
“Through the collaboration with Next Securities, we have laid the foundation for the Seoul foreign exchange market and the domestic stock market to expand onto the global stage,” Hana Bank Executive Vice President Cho Beom-jun said in a statement.
Next Securities CEO Kim Seung-yeon said that the company would establish the necessary infrastructure ahead of launching new financial investment services.
“We will proceed steadily with our preparations to respond effectively to the changing global investment environment,” he said.
The share price of Hana Bank rose 1.4% on the Seoul bourse Thursday. Next Securities is not publicly listed.
