State Street to become first foreign participant to trade Korean onshore interbank FX market

State Street has had a local presence in Korea for more than two decades with plans to further enhance its onshore and offshore trading offerings. 

State Street has become the first foreign institution registered to participate in the onshore interbank foreign exchange (FX) market in Korea. 

Henry Quek, head of global markets, Asia Pacific, said: “Korea is an important market for State Street. It is encouraging that Korea is implementing measures to enhance the market accessibility of its FX market structure. We look forward to supporting our clients to participate in the Korean FX market both onshore and offshore.”

Over more than 20 years, State Street has had a local presence in the country, with its Korean entity supporting global clients with trading Korean Won onshore.

Read more: The TRADE predictions series 2024: Foreign exchange, the regulatory impact 

Looking to the future, the business is set to continue to expand its capabilities regarding access to both the onshore and offshore Korean FX markets.

This is the latest in a series of enhancements in offerings across Asian markets by major industry players. Last November, JP Morgan became the first issuer to launch Hong Kong dollar pair FX warrants, set to be traded on the Hong Kong stock exchange, with the move set to enable investors to further diversify their portfolios, offering an alternative investment tool. 

Prior to that, in July, Deutsche Bank made a return to the local DCM in South Korea as it continued the expansion of its investment banking capabilities in the region in a bid to support its local clients in accessing global debt capital markets. At the time, Sungeun Ahn, chief country officer for South Korea at Deutsche Bank highlighted that the bank is expanding its investment remit in recognition of the opportunities South Korea holds.

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