[THE INVESTOR] South Korean government authorities have rejected some of the requirements issued by Morgan Stanley Capital International Inc. for joining its list of developed market index candidates.
“Requests, such as operating an around-the-clock market to exchange Korean won is going to be tough,” said FSC Vice Chairman Jeong Eun-bo. “This is owing to Korea’s high reliance on exports, making market stability an important factor.”
On June 14, MSCI said the Seoul bourse had failed to make it to the developed market list.
Financial Supervisory Commission Vice Chairman Jeong Eun-bo (second from left) holds a discussion after South Korea was not accepted into the MSCI list of developed market indexes.
MSCI cited the absence of an around-the-clock market to exchange Korean won with other currencies and delays in Seoul’s packages of financial reforms that will take effect after 2017.
Korea has been on the list of emerging market indices since 2009.
By Kim Ji-hyun (
jemmie@heraldcorp.com)
