한국의 시장접근성 관련 코멘트 : 외국인 FX 거래 편의성 높이려는 노력과 영어 공시 도입 확대는 긍정적이나, 공매도 금지 정책은 부정적. 결과적으로 시장접근성 점수 변동 없음
On February 7, 2023, the Korean Ministry of Economy and Finance (MOEF) announced measures to improve the structure of the Korean FX market.
As of 2024, the onshore FX market is open to Registered Foreign Institutions (RFIs), enabling RFIs to execute direct FX transactions. On the extension of trading hours, the pilot operation is ongoing, and the change is aimed to be fully implemented from the second half of 2024 at the earliest.
Furthermore, on January 25, 2023, Korea’s Financial Services Commission (FSC) announced several measures to reform the capital market, including replacing the IRC system with LEIs, a two-phased mandatory English disclosure for KOSPI-listed firms that meet specific requirements, ease of reporting duties for omnibus accounts, and expansion of OTC transactions eligible for ex-post reporting.
These reforms were implemented in December 2023. While most measures are in early adoption, initial feedback from market participants reflects concerns on the use of LEIs to simplify market access for foreign investors. Additionally, on January 31, 2023, the FSC and MOEF jointly announced measures to improve dividend procedures in accordance with global standards. Despite regulation amendments in 2023 enabling companies to apply these enhancements in 2024, more time is required to assess the full execution of these advancements.
Moreover, on November 5, 2023, the FSC announced a ban on short selling for all listed securities due to discovered illegal short selling practices.
MSCI may only adjust the relevant market accessibility ratings once the introduced measures are fully implemented and tested by international institutional investors. 2025년 변경까지는 선진국 지수로 편입될 가능성 없음
As a result, there were no improvements in Korea's accessibility ratings this cycle.
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