Seoul's forex market dealing rooms are experiencing varied operational impacts one week after the official transition to 24-hour trading on the 6th. Banks implementing shift work report dealer fatigue from altered schedules, while institutions not actively covering overnight hours notice minimal changes. The new system extends trading from Monday 6 AM to Saturday 6 AM during New York summer time, replacing the previous 9 AM to 2 AM schedule, though overnight transaction volumes remain limited with only 11 trades recorded between 2-6 AM on the 11th according to Yonhap Infomax data.
Seoul Forex Market Records Limited Overnight Trading Volume in First Week
The Seoul forex market officially transitioned to a 24-hour trading system on the 6th, operating five days per week. During New York summer time, trading runs from Monday 6 AM to Saturday 6 AM. The previous trading window of 9 AM to 2 AM the next day has been replaced with continuous weekday operations.
Overnight trading activity remained relatively limited during the first week. According to Yonhap Infomax intraday quote and transaction records (screen number 2137), total transactions between 2 AM and 6 AM on the 11th numbered 11 across Seoul Foreign Exchange Brokerage and Korea Money Brokerage combined. Trading between 6 AM and 8 AM also showed minimal activity, with only one transaction recorded at 1,506.70 won at 6:38 AM on the 10th through Seoul Foreign Exchange Brokerage.
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Dealers Report Fatigue from Shift Work Implementation
Banks not actively covering overnight hours report minimal operational changes. One Bank A forex dealer stated, "We are not separately responding to overnight trading. When arriving before 9 AM, we notice trading is already happening."
Institutions implementing full shift rotations face greater adjustment challenges. Dealers now split between early shifts starting at 6 AM and afternoon-to-night shifts, disrupting established work patterns centered on Seoul market hours.
One Bank B spot dealer reported, "I'm very sleepy. When starting work in the afternoon, I leave around 10 PM, but with constantly changing work hours, I'm not sleeping well." A Bank C dealer noted, "We've been responding late into the night even before the 24-hour system. It's scheduled work hours, so we have to adapt, but the burden has increased somewhat as the time period requiring attention has lengthened."
Some banks already covering night trading through overseas desks in London or utilizing APIs experienced limited operational changes.
Market Participants Face Confusion Over New Reference Standards
The extended trading hours created confusion regarding "previous day comparison" benchmarks. Previously, the "closing price" was recognized as 3:30 PM and the "opening price" as 9 AM, providing clear reference points.
Following the 24-hour system transition, trading hours extending to 6 AM generated differing opinions on which benchmark to apply when calculating "day-over-day fluctuation ranges." One forex market participant stated, "The 'previous day comparison' standard for offshore non-deliverable forward (NDF) exchange rates and the closing price concept are somewhat confusing. I think there may be this confusion for a while in the process of aligning new standards."
Comparison standards significantly impact calculated dollar-won fluctuation ranges, making price reference verification procedures more critical.
FAQ
What trading hours does Seoul's forex market operate under the new 24-hour system?
During New York summer time, the Seoul forex market operates from Monday 6 AM to Saturday 6 AM, replacing the previous 9 AM to 2 AM schedule.
How much overnight trading occurred during the first week of 24-hour operations?
According to Yonhap Infomax data, only 11 transactions occurred between 2 AM and 6 AM on the 11th across Seoul Foreign Exchange Brokerage and Korea Money Brokerage combined, with one transaction recorded between 6 AM and 8 AM on the 10th.
