Choo calls for WGBI listing in London

Finance Minister Choo Kyung-ho met with the CEO of London Stock Exchange Group, calling for foreign investors’ interest in Korea’s foreign exchange and state bond markets.

Choo attended the market opening ceremony at the London Stock Exchange on Thursday, marking the first time for a Korean governmental official to participate in the event, according to the Finance Ministry. Korean finance figures attended the event with Choo.

Choo has been in London since Monday as a part of President Yoon Suk Yeol's state visit to the UK.

“Utilizing the cooperation channels on economy and finance between Korea and the UK, we will work to create favorable investment environment for companies and financial institutions in both countries,” Choo said at the ceremony.

Prior to the ceremony, he met with David Schwimmer, CEO of the London Stock Exchange Group, calling for support for Korea's push to be included in the World Government Bond Index, a global benchmark that measures the performance of sovereign bonds. The WGBI is one of three major global indices for sovereign bonds.

Korea, which has been on the watch list for a potential upgrade of its government bond market since September 2022, failed to join the index in March. The index is operated by Financial Times Stock Exchange Russell, a subsidiary under the London Stock Exchange Group.

The Korean government and financial authorities have been working for an upgrade on the WGBI list, anticipating the inclusion will attract an inflow of foreign funds.

Choo also introduced the country's latest efforts to boost its foreign exchange market, such as allowing offshore companies' participation and extending the market operating hours to 2 a.m., when the London market closes.

Schwimmer said he recognizes Korea's efforts for the WGBI inclusion and pledged continue interest.