
Blue Ocean ATS, an alternative trading service that bridges the gap between the trading hours in South Korea and the US, has set up an office in Seoul, in light of a system shutdown in August that left local investors in frustration.
Blue Ocean Technologies, the operator of the exchange platform, announced Wednesday it has established a new office in Yeouido, western Seoul, known as the financial hub of Seoul. It explained the Seoul office will serve as a key base for Blue Ocean's operations across the north Asia-Pacific region, including Korea, Taiwan, Hong Kong and China, along with its existing office in Tokyo.
Blue Ocean ATS facilitates overnight trading for the US stock market, offering daytime trading for investors in Korea and across Asia.
With the opening of the new office, Blue Ocean Technologies has appointed Kim Suk-joon as vice president and head of the north Asia-Pacific region. Kim has previously served as the representative director of LSEG Korea, the local affiliate of the London Stock Exchange Group.
"We are confident that Blue Ocean will strengthen its presence across the region and continue to deliver connectivity to investors globally," said Brian Hyndman, CEO and president of Blue Ocean Technologies.
Vice President Kim added that he is "confident that the north Asia-Pacific region will be one of the main markets we serve well."
The launch of the Seoul office follows Blue Ocean ATS’ system failure in August. With the global stock market going into a sell-off mode on Aug. 5, sparked by fears of a recession in the US, the operator shut down its matching engine, citing an unexpected surge in trade volume.
Orders worth 630 billion won ($440 million) initiated by local investors were canceled on the exchange, leaving them unable to respond to market changes. All gains and losses from the canceled orders were nullified.
Since then, Korean investors have been unable to trade US stocks during daytime trading hours. Local brokerage houses that offered daytime trading for investors through the service, have requested Blue Ocean Technologies to prepare measures to prevent reoccurrence.
By Im Eun-byel (silverstar@heraldcorp.com)