Seoul FX Market Continues Using 3:30 PM Close Despite 24-Hour Trading Operations

According to Yonhapinfomax, four weeks into Seoul's 24-hour forex market operations launched on July 6, market participants still rely on the 3:30 PM closing rate as the benchmark, with the newly introduced 6:00 AM close largely ignored. Foreign exchange brokers now calculate closing prices twice daily—at 6:00 AM and 3:30 PM—but traders cite minimal liquidity during early morning hours and active trading during afternoon sessions. The 3:30 PM rate remains significant as it serves as the basis for the daily market average rate (MAR) used for official reference. However, market participants expect this practice to shift next year when the benchmark rate changes from MAR to a 4:00 PM time-weighted average rate (TWAP).
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