Korean securities firms to compete with banks in OTC forex

korean won

The Korean Ministry of Finance's move to allow securities firms to trade currencies among themselves will see that sector provide a challenge to the banks in the domestic over-the-counter foreign exchange derivatives market.

On November 11, the Ministry of Finance outlined broad changes in the forex market in Korea to come into effect by early 2014, among which was the lifting of the restrictions around forex trading by securities firms.

Securities firms in Korea are not currently allowed to

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