South Korea got Developed market status
FTSE Group a global index provider announced on Thursday about its role in moving South Korea to its highest positions in an annual report of country classifications. The FTSE Group CEO Mark Makepeace expressed his congratulations to the country that has promoted to Developed market status.
This promotion will be implemented in September 2009 that means that the country will continue the list of such countries like Australia, France, Japan, Hong Kong, Britain and the United States in the top classification of FTSE. South Korea is at the 13th place in the list of the largest economies of the world. It has gained its new status after the Advanced Emerging status according to FTSE classification.
The authorities of the country were looking forward this event to happen. Actually this promotion was expected in the last year but that time Israel showed better numbers and attained corresponding promotion instead of South Korea. The people of the country all contribute to the growth of the South Korean profile that reflects the international status of the country.
President of the country Lee Myung-bak expressed the hope that the new status of the country will attract more foreign capital into the domestic markets.
As for the index itself it considers the combination of different criteria like relative economic wealth, quality of markets, consistency and predictability, market access and many others.
Due to FTSE official announcement South Korea removed many problems thus becoming compatible to the requirements of developed market investors. Furthermore the country has also implemented several improvements in the area of foreign currency and its exchange. However the FTSE requirement was to prolong forex trades hours and set up offshore forex market.
As for FTSE Group itself it is a company owned by The Financial Times and the London Stock Exchange that sets up and manages more that 120,000 equity and other indices with its partners and clients in 77 countries of the world.
