托管服务客户手册（2025年8月）（英）

forCustodyServices August2025 Abbreviations BICBusinessIdentifierCodeBOKBankofKoreaFETRForeignExchangeTransactionsRegulationsFIRAForeignInvestmentRegistrationApplicationFSSFinancialSupervisory ServiceFTSEFinancialTimesStockExchangeGLEIFGlobalLegalEntityIdentifierFoundationICSDInternationalCentralSecuritiesDepositoryIRCInvestorRegistrationCertificateKRWKoreanWonKRXKoreaExchangeKSDKoreaSecuritiesDepositoryKSTKoreaStandardTimeLEILegalEntityIdentifierLOILetterofIntentionMOEFMinistryofEconomyandFinanceMTMessageTypeNTSNationalTaxServiceOTCOver-the-CounterPDPrimaryDealerPPDPreliminaryPrimaryDealerRFIRegisteredForeignInstitutionsRMARelationshipManagementApplicationSAStandingAgentSDSettlementDateSLBSecuritiesLendingandBorrowingTDTradeDate Tableof Contents Ⅰ.BriefIntroductiontotheKoreanBondMarket 1.Overview of theKorean Bond Market12.KoreanBond MarketSystem33.InvestmentProceduresinthe Korean BondMarket154.ImprovingFX MarketStructure185.Taxation of KoreanBondInvestments196.IssuePriceCalculationof MajorKorean Bonds20 Ⅱ.CustodyServicesoftheBankofKorea 1.Overview of CustodyServices232.On-Boarding Process243.KoreanWonAccountOperations274.SecuritiesCustodyAccountOperations335.Taxation-TaxExemption406.SWIFT MessageProcessing427.ITSystemandSecurityPolicies1138.RolesofMajor Participants1159.SettlementFlows byTransaction Type118 Ⅲ.Appendices 1.RegulationsConcerningKoreanWonAccountsasper theFETR1252.Roundtable forOfficial SectorService ProviderstotheGlobal CentralBankingCommunity1283.ContactDetails129 ⅠBriefIntroductiontotheKoreanBondMarket 1.Overviewof theKoreanBondMarket A.PrimaryMarket Asof the end of 2024,the outstanding amount of Korean bonds hassteadilyincreased to 2,826 trillion KRW since 2008.Governmentbondscame to 1,127 trillion KRW as of the end of 2024,accountingfor39.9%ofthetotaloutstandingbondissuance. Toensurethestable saleofgovernmentbonds,thegovernmentintroducedmarketdevelopmentmeasuresin theprimarymarket,such as thePrimaryDealersystem,thePreliminaryPrimaryDealersystem,and theDifferentialPricingAuctionMethod.Thesemeasureshave madetheKoreanbondmarketone ofthemostsuccessfulbondmarkets. B.Secondary Market Theaverage daily trading volume of bonds in 2024 was 24.7 trillionKRW,up 94.4%from 2008.The volume of transactions in thetreasurybond market increased significantly as the transparency andliquidityof the bond market has been improved through theintroductionof the secondary market exclusive for government bondsoperatedby KRX’s Korea Exchange Market(KRX Market)and theKRXTrading System for Government Securities(KTS).1) Thetypical dailyaveragetradingvolumeofthesecondarymarketexclusiveforgovernmentbondshasincreasedfrom1.5trillionKRWin2008to4.8trillionKRWin2024. 2.KoreanBondMarketSystem A.Typesof Bonds Bondsare classified by the issuing entity by type,government bonds,municipal bonds,special bonds,or corporate bonds,and by purpose. 2)The BOK provides custody services for KTBs,Treasury Bills,KRW-denominatedForeignExchange Stabilization Fund Bonds and Monetary Stabilization Bonds thathavereceived investment from foreign public institutions,such as foreigngovernments,foreigncentralbanks,andinternationalfinancialinstitutions. B.KoreaTreasuryBonds(KTBs) Tomaintain the country’s fiscal soundness,the Korean governmentissuesKTBs under clear legal guidelines,including the Constitution oftheRepublic of Korea,the National Finance Act,and the State BondAct. Article58oftheConstitutionoftheRepublicofKoreadeclaresthefundamentalprinciple concerning the issuance of sovereign bonds:“whentheExecutive plans to issue sovereign bonds or to conclude contractswhichmayincurfinancial obligationsontheStateoutside thebudget,itshallhavethepriorconcurrenceoftheNationalAssembly.” Inaccordance with the State Bond Act,the Ministry of Economy andFinance(MOEF)collates fiscal fund demand from each department ofthecentral government and schedules bond issuances depending onfiscalfundsandmarketsupplyanddemandforbonds. (1)IssuingAgent:PayingAgent TheBOK acts as the issuing agent or paying agent on behalf of theKoreangovernment for such tasks as issuance and redemption ofgovernment bonds and handles securities services,including competitiveauctions,bond registrations,and applications for listing newly issuedbondsattheKRX. (2)Maturity ConventionalKTBs areregularlyissued withseven differentmaturities. (3) Competitive Auction In the past, when the KTB market was underdeveloped, the authoritiesassigned financial institutions to underwrite KTBs. As the market furtherdeveloped after the 1997 Asian Financial Crisis, the government beganto issue bonds through competitive auctions starting in July 1999. Thecompetitive auctions adopted the conventional auction method which wasuseduntil July 2000.In a conventional auction,an issuer orders bidsby price (yield) in descending (ascending) order and accepts the higher(lower)bids until the issue is exhausted.Each successful bidder paysthe price they bid. To minimize the possibility of the winn