The registration lets clients execute KRW transactions onshore through a single relationship, cutting out local intermediaries
RBC Capital Markets has become the first Canadian bank to obtain approval from the Korean Ministry of Economy and Finance to trade the Korean won directly in the country's onshore market as a Registered Foreign Institution.
The move is positioned as a significant step for global investors seeking more efficient and cost-effective routes into Korean currency markets.
Until now, executing won transactions onshore has required international investors to work through multiple local intermediaries, a process that adds both complexity and cost. With the new registration in place, RBC Capital Markets clients can complete KRW transactions through a single institutional relationship.
Korea's bond market ranks among the largest and most actively traded in Asia, and institutional appetite for Korean fixed income has grown as investors continue to diversify across the region. RBC is framing the approval as central to its broader push into emerging market foreign exchange, with the Asia-Pacific region and won-denominated capabilities identified as a key pillar of that strategy.
"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."
The bank says the Registered Foreign Institution designation will translate into more competitive pricing and a simpler execution process for institutional, corporate, and commercial clients with Korean currency exposure.
RBC Capital Markets describes its broader FX platform as combining global market access with specialist advisory services, integrated research, and digital execution infrastructure.
Meanwhile, the Canadian bank is looking at expansion for its US wealth management operation. A spokesperson told WP's sister publication InvestmentNews that the company plans to add more than 600 advisors in its US wealth management business over the next 5 years.
