South Korea Exchange, NYSE Plan August MOU on U.S.-Korea Dual Listings, $800M ESS Company Targeted

According to Maeil Business Newspaper, South Korea's exchange and the New York Stock Exchange plan to sign a new memorandum of understanding in August to support U.S.-Korea dual listings, shared settlement systems, 24-hour trading, and tokenized securities cooperation. A U.S.-listed energy storage system company with a market cap of about $800 million is discussing secondary listing via Korean Depositary Receipts (KDR) on KOSDAQ, marking a potential first for major U.S. exchange listings adding KDR on Korean markets. An additional four to five U.S.-listed companies are exploring domestic secondary listings.

The collaboration aims to share the U.S. experience of shortening settlement cycles from T+2 to T+1, which the United States completed in May 2024. South Korea plans to release its roadmap for implementing T+1 settlement in October.