BNY Mellon launches FX trading room in South Korea

The bank aims to improve pricing and liquidity for regional and global market participants

korean-won-notes
Enhanced liquidity: BNY Mellon sees Korea as a strategically important market in Asia-Pacific

BNY Mellon has opened a foreign exchange trading room in Seoul, South Korea, to provide liquidity to domestic clients seeking exposure to major global currencies and counterparties looking to trade the Korean won.

On February 9, the bank announced that the Seoul FX Trading Room enables currency market participants to benefit from more efficient pricing and enhanced liquidity as they conduct regional and global trading.

BNY Mellon is strengthening its capabilities in Korea to provide a more convenient and comprehensive KRW FX trading service to our domestic and international clients, while also helping them conduct their business more efficiently,” says Mark Militello, head of markets for BNY Mellon in Asia-Pacific.

“This reflects our deep commitment to the Korean market and our confidence in the expansion of our FX trading business,” he adds.

The bank launched its FX prime brokerage service in January and plans to use it to build up its franchise trading partnerships. The announcement came nine months after FX Week reported the bank was preparing to move into the FXPB space.

FX Week also reported in January that BNY Mellon has been strengthening its FX capabilities over the past year, with several key hires from some of the top institutions in the space.

This reflects our deep commitment to the Korean market and our confidence in the expansion of our FX trading business
Mark Militello, BNY Mellon

KRW was among several emerging market currencies in Asia-Pacific that gained market share, according to the April 2016 Bank for International Settlement’s Triennial Central Bank survey. With a 1.7% share of the $5 trillion-a-day market, KRW went up two positions to rank fifteenth on the BIS list of turnover in the over-the-counter FX space.

“Korea is a strategically important market for BNY Mellon in Asia-Pacific. Our commitment to quality service and to Korea’s financial markets is a key element in establishing an even closer business relationship with our Korean clients,” says Ji Sang Don, country executive for BNY Mellon in Korea.

“In addition, a number of unique service capabilities spanning the investment lifecycle offered by BNY Mellon will add diversity in the local market and enable us to be a stronger partner for our Asian counterparties as we help them fulfil their strategic goals,” he says.

The bank plans to announce several other FX initiatives later this year, which it believes will improve the trading experience for its clients.

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