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Employees work in the dealing room at Hana Bank Headquarters in central Seoul on May 29. (Yonhap News) |
[Alpha Biz= Kim Jisun] SEOUL, May 31, 2026 — South Korea will implement a 24-hour continuous trading system for the Korean won–U.S. dollar (KRW/USD) foreign exchange market starting July 6, expanding trading hours to better align with global markets and enhance convenience for investors and businesses.
The Seoul Foreign Exchange Market Steering Committee announced on May 31 that it has approved amendments to the “Seoul FX Market Code of Conduct,” including changes to trading hours and trading days.
Under the new system, KRW/USD trading—currently conducted from 9:00 a.m. to 2:00 a.m. the following day—will operate continuously from 6:00 a.m. Monday to 6:00 a.m. Saturday. During periods outside U.S. Daylight Saving Time, trading hours will shift to 7:00 a.m. Monday through 7:00 a.m. Saturday.
The move effectively enables KRW/USD trading on all days except weekends and January 1, including Korean public holidays. On the first business day of each year, the market will open at 9:00 a.m., while trading on the last business day will close at midnight.
However, trading hours for KRW against other foreign currencies will remain unchanged at 9:00 a.m. to 3:30 p.m.
The committee said the expanded hours are expected to eliminate gaps in trading availability and improve accessibility for global investors, Korean individuals investing in overseas assets, and import-export companies. The measure is also anticipated to reduce transaction costs and improve risk management related to exchange rate fluctuations.
Settlement of transactions will continue to follow standard banking practices. While trading may occur on Korean holidays, settlement—defined as the transfer of funds between counterparties—will only be processed on bank business days and deferred to the next available business day when necessary.
With the introduction of 24-hour trading, the market will begin publishing hourly Time-Weighted Average Prices (TWAP) for KRW/USD from 6:00 a.m. to the following day at 6:00 a.m. The TWAP will be calculated as a simple average of exchange rates near each hourly mark, based on data from FX brokerage firms.
Meanwhile, the current benchmark rates—including the 3:30 p.m. Seoul closing rate and the Market Average Rate (MAR)—will remain unchanged for the time being. Authorities plan to continue using these benchmarks in official statistics and communications.
The committee also discussed potential revisions to the methodology for calculating the MAR to better align with global practices, as well as the need for a transition period to minimize market disruption. Authorities are expected to finalize related regulatory amendments, including updates to foreign exchange transaction rules, within June after gathering feedback from market participants.
Alphabiz Ellie Kim 인턴기자(press@alphabiz.co.kr)
