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South Korea's National Pension Fund Lacks Transparent Selection Procedures for Forex Derivatives, Up to $88 Billion Exposure

GateNews
Forex
According to Yonhap Infomax on July 14, South Korea's National Pension Fund lacks transparent procedures for selecting counterparties in forex derivative trading, unlike its process for stocks and bonds. The fund manages up to $88 billion in forward exchange contracts and forex swaps, with foreign exchange assets reaching $588.2 billion as of March 2026. Currently, the fund's forex team unilaterally selects counterparties, primarily from foreign banks and major domestic banks, creating potential for excessive competition and conflicts of interest. Market participants noted that domestic banks face disadvantageous treatment in volume allocation despite competitive pricing, and called for transparent selection criteria based on explicit standards rather than discretionary decisions.
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