Korea

Posted By Steve On Thursday, October 15th, 2009 With 0 Comments

Clearing Agents
KRX: Korea Securities Depository (KSD)

Depositories
Korea Securities Depository (KSD)
Mandatory: All securities listed on the Korea Exchange must be held at the Korea Securities Depository (KSD).

Payment Systems
The most commonly used payment system in the market for securities transactions is BOK-Wire. BOK-Wire is owned and operated by the Bank of Korea. It is an online network that connects the BOK with the financial institutions to allow transfer of funds on a real-time gross basis. It provides settlement finality for almost all transactions, from large-value foreign exchange transactions of banks to interbank settlement of individuals’ small-value ATM transactions. Settlement value through BOK-Wire accounts for around three quarters of all non-cash payments in Korea.

Overdraft Permitted
Overdrafts are not permitted for foreign investors as stipulated in the regulations.

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