FXOne Foreign Exchange Brokerage launched Korea's first customer-facing foreign exchange trading service on the 6th, aligning with the domestic interbank FX market's transition to 24-hour operations. The platform enables exporters, importers, asset managers, and pension funds to compare real-time currency quotes from multiple banks and execute trades at optimal prices through www.fxonepro.com. Korea's Ministry of Finance stated that electronic customer FX trading represents a critical pillar in advancing the domestic FX market to global standards, urging active participation from banks and corporations.
FXOne Launches Multi-Bank Quote Comparison Platform
FXOne received Korea's first customer foreign exchange brokerage full license from the Ministry of Finance on the 3rd. The company commenced full-scale customer services from the 6th, partnering with Hana Bank, NH Nonghyup Bank, Korea Development Bank, and SC First Bank as core liquidity providers. FXOne plans to sequentially onboard regional banks, domestic branches of foreign banks, major securities firms, and overseas registered foreign institutions to expand trading convenience.
Customers can request quotes from all selected banks with a single click on the FXOne Pro platform and compare prices simultaneously on one screen. Clicking the most favorable rate immediately executes the trade. Previously, corporate treasurers and pension fund managers had to contact individual banks via phone, messenger, or separate bank websites to request quotes, limiting price comparison capabilities in a rapidly moving market.
Platform Eliminates Transaction Costs and Enhances Price Transparency
Customers incur no fees for using the FXOne platform, meaning all price improvements directly increase customer utility. The platform operates 24 hours continuously and requires only internet access, enabling customers to respond to exchange rate volatility during vulnerable overnight periods.
Transaction transparency improves significantly because quotes provided by multiple banks at the time of trade are recorded, allowing easy post-trade comparison. The European Union imposes obligations on financial institutions to provide best-price FX transaction evidence, reflecting a global trend toward greater FX trading transparency.
A representative from a major exporting company stated, "Through the FXOne platform, we can easily receive quotes from banks at desired times. FX trading will become significantly more efficient." The representative emphasized, "Considering recent high exchange rate volatility, this will become a tool to trade conveniently at the most favorable prices."
FXOne plans to enhance trading convenience through algorithm sophistication, including automatic trade execution at desired prices. This will enable easy trade execution even during nighttime hours when staff are not on duty.
Banks Gain Access to Broader Customer Base, Regulator Calls for Market Engagement
Electronic customer FX trading is expected to increase utility for banks in the long term. Banks gain opportunities to show their quotes to customers with whom trading had been difficult due to sales force constraints. Electronification of trading also enables cost reductions.
A city bank official stated, "We expect to easily provide quotes to customers with whom trading had been sparse despite existing credit lines. As long as we present competitive exchange rates, we can be chosen by customers, so expectations are considerable regarding changes after FXOne platform introduction."
Do Jong-rok, Director of the Foreign Exchange Funding Division at the Ministry of Finance, stated, "FXOne received the first full license based on an efficient system and professional personnel. We expect the company to open new horizons as the leading firm opening up electronic customer FX trading." Do emphasized, "As the domestic FX market, which has been relatively closed, is developing toward global standards through 24-hour opening and offshore won settlement systems, active utilization and participation by market participants including banks in electronic customer FX trading is important."
Pre-registration is required to use FXOne services. Interested parties can visit the FXOne website (www.fxone.co.kr) to inquire about the registration process.
FAQ
What did FXOne launch on the 6th?
FXOne Foreign Exchange Brokerage launched Korea's first customer-facing foreign exchange trading service on the 6th, enabling exporters, importers, asset managers, and pension funds to compare real-time quotes from multiple banks through the www.fxonepro.com platform.
Why is electronic customer FX trading important according to Korea's Ministry of Finance?
Do Jong-rok, Director of the Foreign Exchange Funding Division, stated that electronic customer FX trading represents a critical pillar in advancing the domestic FX market to global standards, particularly as Korea transitions to 24-hour FX market operations and offshore won settlement systems.
