South Korea's won commenced its first day of 24-hour trading, with Finance Minister Kyu-ho Jin entering a bank trading floor to cheers and applause as traders celebrated a key milestone in Seoul's multi-year effort to modernize its foreign exchange market.

The newly refurbished trading hall at Hana Bank was packed with traders and officials on Monday, all eager to mark the official launch of round-the-clock trading for the won. The facility is equipped with high-tech features including a dome screen. A large display showed two live feeds: one connected to a Samsung Electronics executive and another showing traders in London. Under the minister's watch, a trader in the hall executed a $10 million USD/KRW sell order for Samsung Electronics.

Extending trading hours could strengthen the case for the country's inclusion in MSCI's developed markets index, where insufficient trading convenience has long been a stumbling block. This shift also reflects how the South Korean economy has evolved into a model with more overseas investment, making it increasingly less logical to confine trading to local business hours.

After opening at 6 a.m. on Monday, the won fluctuated against the US dollar and is currently trading around 1,533 won per dollar. Just last week, the won approached its weakest level since 2009, making the launch of 24-hour trading a delicate moment for regulators.

“This is the starting point for the won’s globalization,” said Finance Minister Kyu-ho Jin, stating the move aims to provide foreign exchange trading convenience and accessibility on par with developed markets.

He added that the government will monitor the market seamlessly to support frictionless, 24-hour trading while continuing to advance other foreign exchange market reforms.