South Korea is about to do something it has never done before: let its currency trade around the clock. Starting July 6, the onshore dollar-won spot market will operate 24 hours a day, opening the door for approved foreign financial institutions to buy and sell the Korean won at any hour, not just during Seoul business hours.
For a country that has spent years trying to shed its “emerging market” label, this is one of the final puzzle pieces. The move is designed to meet criteria set by MSCI, the index provider whose classification decisions can redirect billions in institutional capital flows overnight.
From 3:30 p.m. cutoff to always-on
To appreciate how big this shift is, consider where South Korea started. Onshore dollar-won trading used to shut down at 3:30 p.m. Seoul time. That meant when New York or London traders needed to move Korean won, they were largely stuck using the offshore market, which carried wider spreads and less transparency.
Seoul extended those hours in 2024, pushing the close to 2 a.m. local time. The July 6 launch eliminates the remaining gap entirely.
