S.Korea to explore currency changes to qualify for MSCI advanced market index

SEOUL, Jan 27 (Reuters) - South Korean authorities will discuss measures to improve the won currency’s convertibility as part of an effort to get the Korea Exchange included in MSCI’s developed market index, the financial regulator said on Wednesday.

The Finance Ministry, regulators, and the stock exchange are working with MSCI to get the Korea Exchange reclassified and into MSCI’s World Index of 23 developed markets as soon as possible, the regulator said in a statement.

Financial Services Commission Chairman Yim Jong-yong previously told reporters that South Korea and MSCI had not agreed on some issues such as MSCI’s requirement for 24-hour trading of the won.

South Korea was taken off the MSCI’s developed market index review list in 2014, with MSCI citing the “absence of any significant improvements in key areas negatively affecting accessibility” for the past few years.

MSCI has not added an emerging-country exchange to its developed-market index since 2010, when it reclassified Israel.

MSCI could not be immediately reached for comment.

Reporting by Joyce Lee; Editing by Eric Meijer