 Overview
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Liberalization of the bond market started
in July 1994. Once Korea acceded to the OECD
in 1996, however, the pace of market opening
quickened before the full liberalization
in December 1997. |
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New measures were introduced in line with
the government's market revitalization plan
in 2000. |
กค
The mark-to-market system was applied to all
bonds and new funds;
กค The fungible issue system was applied for
government bonds;
กค The auction style was changed from conventional
to Dutch.
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Settlement on the KRX was reduced in 2001 from
T+1 to T+0. The over-the-counter bond market,
however, chose next-day settlement system
(T+1) to replace same-day (T+0) in 2003; |
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With the new system aimed at boosting stability
of the market by promoting forward
transactions, the settlement period was changed
from T+0~T+14 to T+1~T+30 and the trade closed-off
time from 4:30PM to 5:00PM. |
