Merrill gets FX licence in South Korea

The licence, granted on June 18, enables the bank to expand its Korean business to the onshore foreign exchange-related over-the-counter derivatives market and to offer forex-hedging products to its investor and issuer clients in the country.

"Merrill Lynch has long been providing offshore international risk management products to our Korean clients, and this approval significantly widens our derivatives platform in the country," said Joonkee Hong, managing director and head of Korea debt m