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Macquarie To Offer Currency Swaps, Debt Products In South Korea

Likely to offer these products by the end of the fourth quarter this year

Australia-based bank, Macquarie Group is awaiting regulatory approval to offer currency-swap trading and debt-related products in South Korea – reported Bloomberg. The bank, which is at present paying other banks to offer these services, is said to have filed its license application recently.

According to Bloomberg data, South Korean firms have sold KRW38.4 trillion bonds, the highest in the last decade. Bank of Korea has also said that the average daily volume of foreign currency trading recorded 14% increase in the second quarter of 2009.

In an interview, John Walker, head for South Korea, said: “We would hope by the end of the fourth quarter this year we could be in a position to begin operating. Korean corporates are beginning the process of investing in natural resources and commodities. I am predicting we will see a real boom in that area of investments in the next twelve months,” reported the news agency.