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S. Korea urged to allow offshore won trading for MSCI index nod

All News 10:23 July 11, 2017

SEOUL, July 11 (Yonhap) -- Morgan Stanley Capital International (MSCI) chairman and CEO Henry Fernandez has urged South Korea to allow offshore won trading for the inclusion of its stock markets in the MSCI developed market index, the nation's financial regulator said Tuesday.

Fernandez made the remarks during a meeting Monday in Seoul with Yim Jong-yong, chairman of the Financial Services Commission, the commission said in a statement.

Since 2015, South Korean financial authorities have pushed for the Korea Exchange to be included in MSCI's developed market index, but the move has failed so far due to some obstacles, including the offshore trading of the won.

Last month, South Korea again failed to place on MSCI's review list for the developed market index, which is widely used by fund managers to decide which countries to invest in as part of a portfolio.

During the meeting, Yim briefed Fernandez about South Korea's efforts to improve foreign investors' convenience and the nation's capital markets, according to the statement.

Yim also asked Fernandez to "review more realistically" South Korea's push for the inclusion of its stock markets on the MSCI developed market index.

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