韩国央行-托管服务客户手册（2025年8月）（英）

Client Handbook for Custody ServicesAugust 2025AbbreviationsBICBusiness Identifier CodeBOKBank of KoreaFETRForeign Exchange Transactions RegulationsFIRAForeign Investment Registration ApplicationFSSFinancial Supervisory ServiceFTSEFinancial Times Stock ExchangeGLEIFGlobal Legal Entity Identifier Foundation ICSDInternational Central Securities DepositoryIRCInvestor Registration CertificateKRWKorean WonKRXKorea ExchangeKSDKorea Securities DepositoryKSTKorea Standard TimeLEILegal Entity IdentifierLOILetter of IntentionMOEFMinistry of Economy and FinanceMTMessage TypeNTSNational Tax ServiceOTCOver-the-CounterPDPrimary DealerPPDPreliminary Primary DealerRFIRegistered Foreign InstitutionsRMARelationship Management ApplicationSAStanding AgentSDSettlement DateSLBSecurities Lending and BorrowingTDTrade DateTable of ContentsⅠ. Brief Introduction to the Korean Bond Market 1. Overview of the Korean Bond Market 1 2. Korean Bond Market System 3 3. Investment Procedures in the Korean Bond Market 15 4. Improving FX Market Structure 18 5. Taxation of Korean Bond Investments 19 6. Issue Price Calculation of Major Korean Bonds 20Ⅱ. Custody Services of the Bank of Korea 1. Overview of Custody Services 23 2. On-Boarding Process 24 3. Korean Won Account Operations 27 4. Securities Custody Account Operations 33 5. Taxation - Tax Exemption 40 6. SWIFT Message Processing 42 7. IT System and Security Policies 113 8. Roles of Major Participants 115 9. Settlement Flows by Transaction Type 118Ⅲ. Appendices 1. Regulations Concerning Korean Won Accounts as per the FETR 125 2. Roundtable for Official Sector Service Providers to the Global Central Banking Community 128 3. Contact Details 129- 1 -ⅠBrief Introduction to the Korean Bond Market1. Overview of the Korean Bond MarketA. Primary MarketAs of the end of 2024, the outstanding amount of Korean bonds has steadily increased to 2,826 trillion KRW since 2008. Government bonds came to 1,127 trillion KRW as of the end of 2024, accounting for 39.9% of the total outstanding bond issuance.To ensure the stable sale of government bonds, the government introduced market development measures in the primary market, such as the Primary Dealer system, the Preliminary Primary Dealer system, and the Differential Pricing Auction Method. These measures have made the Korean bond market one of the most successful bond markets.Trend in Outstanding Bond Balance05101520253005101520253008 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24Corporate BondsSpecial BondsMunicipal BondsMonetary Stabilization BondsGovernment Bonds(100 trillion KRW)(100 trillion KRW)Proportion of Outstanding Balanceby Bond TypeGovernment Bonds(39.9%)MunicipalBonds(1.0%)MonetaryStabilizationBonds(4.1%)SpecialBonds(16.4%)CorporateBonds(38.6%)(As of the end of 2024)- 2 -B. Secondary MarketThe average daily trading volume of bonds in 2024 was 24.7 trillion KRW, up 94.4% from 2008. The volume of transactions in the treasury bond market increased si