South Korea Finance Ministry Vows Action on Speculative FX Trading
Officials met with bank representatives Tuesday to discuss monitoring of foreign exchange markets. The ministry said it will conduct inspections of speculative trading and take stern measures against activities that disrupt market order.
thehindu.comSouth Korea's finance ministry on Tuesday said it will inspect speculative trading in the foreign exchange market and take stern actions against activities that damage market order or create one-sided movements. Moon Ji-sung, deputy minister for international economic affairs at the Ministry of Finance and Economy, made the remarks during a meeting with senior officials from financial companies, including KB Kookmin Bank, along with the Seoul offices of BNP Paribas, HSBC and JPMorgan.
Moon said relevant organizations are closely monitoring market trends and major trading flows. The ministry stated that on-site investigations will be carried out as part of the inspections. Moon added that market participants should bolster compliance and risk management to help establish a sound trading order.
m. Tuesday. On the previous day, financial authorities issued a verbal intervention stating they will not tolerate excessive volatility relative to economic fundamentals or one-sided market movements. Participants in the meeting noted that South Korea's economic fundamentals remain strong and that foreign exchange volatility is likely to ease.
