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Merrill Lynch to Expand FX in Korea after Winning Bank License

Merrill Lynch has been awarded a full banking license by South Korea’s Financial Supervisory Commission, which will allow it to expand its Korean business to engage in foreign exchange, derivatives, bonds and futures.

Jason Brand, president of Merrill Lynch Pacific Rim says, "This banking license will form a critical component of our solutions-based approach for serving Korean institutions, corporations, investors and high net worth individuals."

In 2004, Merrill Lynch was the first international investment bank to be awarded a foreign exchange derivatives license, enabling it to participate in the onshore foreign exchange-related OTC derivatives product market and to provide foreign exchange hedging products to its clients.

A year later it was awarded a ‘full scope’ OTC derivatives license, allowing it to structure, trade and sell the complete array of derivative instruments in the Korean market.

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