RBC Gets KRW Onshore Nod as Authorities Inspect Banks’ Trading

RBC Capital Markets says it has become the first Canadian bank to be authorised to trade Korean won directly in South Korea’s onshore FX market as a Registered Foreign Institution (RFI) – the announcement comes as local authorities in Seoul launch their first investigation into bank FX dealings for 14 years.

RBC says Korea’s bond market is one of the largest and most actively traded in Asia, yet access to onshore KRW has historically required international investors to work with multiple local intermediaries, adding additional complexity. By securing RFI status, RBC Capital Markets says its clients can now execute KRW transactions directly onshore, resulting in a more seamless experience and competitive pricing at every step.

“We’ve long believed that our clients deserve seamless access to every market that matters to them, and Korea’s markets present a significant opportunity,” said Haider Ali, global head of FX trading, RBC Capital Markets. “This reflects our strategic commitment to emerging market expansion, with Asia-Pacific and KRW capabilities serving as a key pillar of our growth. It’s the result of years of coordinated global efforts and demonstrates our genuine commitment to making international investing better for our clients.”

Meanwhile, the Bank of Korea and the country’s Financial Supervisory Service say they will conduct written reviews and on-site inspections of banks’ FX dealings to see whether they disrupted market stability or amplified one-way moves in the won. The won has been trading at its weakest levels in more than 15 years in recent weeks, prompting warnings from authorities over “excessive volatility and one-way herd behaviour”.