South Korea’s bourse operator said Tuesday it plans to launch an easily accessible gold exchange market in March of next year to improve transparency in trading and generate new financial opportunities.
The new market will commence its test-run on Feb. 10, 2014, and officially open to investors starting March 24, the Korea Exchange said.
South Korea’s financial authorities announced the plans for the new gold market in July to improve transparency, in line with the government’s move to bring the shady underground economy out into the open. Gold has been one of the preferred methods by wealthy South Koreans to hoard illegitimate assets and evade taxes.
In order to make the market easily accessible to retail investors, the KRX said it aims to establish a trading system similar to the main bourse and the secondary KOSDAQ market. (Yonhap News)
