S. Korea to Introduce Omnibus Account for Foreign Traders

Write : 2016-01-31 13:54:19 Update : 2016-02-01 05:18:29

S. Korea to Introduce Omnibus Account for Foreign Traders

South Korea will introduce an integrated account system for foreign traders in May.

The Financial Services Commission said on Sunday that the omnibus account will allow foreign investors to process orders and settlements from a single account.

Currently, foreigners investing in the South Korean securities market are required to register in advance and also open separate accounts with securities firms to place orders and settlements.

With the change, global asset management firms or brokerage houses will be able to open a single account to receive trading orders from their clients and place them with Korean securities companies.

The planned system is expected to help the South Korean stock market get included on the Morgan Stanley Capital International (MSCI) advanced market index.

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