The Bank of Korea (BOK) will significantly extend the operating hours of BOK-Wire+, the nation's large-value payment settlement system, as it prepares infrastructure for an expected wave of foreign capital ahead of the country's inclusion in a major global bond index.
The BOK announced on the 29th that it will extend BOK-Wire+ operating hours by two and a half hours, from the current 9 a.m.–5:30 p.m. window to 9 a.m.–8 p.m. The change takes effect on the 30th.
The move aims to improve settlement convenience for foreign investors ahead of South Korea's scheduled inclusion in the FTSE World Government Bond Index (WGBI) on April 1. The BOK has been working on the extension since August 2025 and has completed the necessary IT system development and testing with participating institutions.
The longer operating hours will expand the overlap with large-value payment systems in major economies, improving cross-border settlement efficiency. In particular, investors in regions with significant time differences, such as Europe, are expected to see reduced waiting times for domestic transactions.
Foreign investors have long faced difficulties using won funds obtained through the CLS foreign exchange settlement system for same-day bond settlement due to time zone differences and settlement cutoff constraints.
With this measure, however, foreign investors' access to domestic settlement will improve significantly, enabling same-day currency conversion followed by same-day bond settlement. This is expected to facilitate a smoother market entry of global capital following the WGBI inclusion.
The strengthened linkage between the foreign exchange and bond markets is also expected to contribute to the long-term globalization and liquidity expansion of South Korea's capital markets.
"The extension of operating hours is a key measure to enhance international access to our financial markets," a BOK official said. "We plan to continue improving the large-value payment system to strengthen market stability and efficiency."
The move also aligns with the government's ongoing won internationalization policy and its push for inclusion in the MSCI Developed Markets Index. Market participants view the settlement infrastructure upgrade as a catalyst for accelerating the opening of the foreign exchange and capital markets.
