South Korean banks set up database to curb use of currency derivatives
New financial services law to enhance investor protection
South Korea's markets regulator, in conjunction with the country's leading banking association, have set up a database that allows banks to share information on the use of financial products by their clients, including exporters. The move by the Financial Supervisory Service (FSS) and the Korea Federation of Banks came as the won hit a 10-year low against the dollar, which pushed some exporters to the brink of bankruptcy due to losses on oversized derivatives positions.
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