General Flow of the Business
Deposit and Withdrawal of assets
Currently KOFEX does the settlement and maintain customers' assets only in Korean Won. If Korean Won is not your prime currency of business, you will be involved in doing F/X in one way of another. KOFEX and member firms are currently on the process of adopting foreign currency settlement.
It makes things convenient if you appoint custodian bank(standing proxy), and designate foreign exchange bank to execute foreign exchange transactions and transfers.
Most foreign exchange banks doing business in Korea also do custodian bank and standing proxy operations.
Trade Reports
Trade reports can be sent by e-mail and/or facsimile. Monthly reports are sent by conventional mail if requested. Below are the samples of our daily statement and trade confirmation.
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