From the Wall Street Journal (page B6 of the print edition):
South Korea said that as of February, bid-offer quotes on the won will be released to the public only through local banks in a bid to deter speculation, to reduce market volatility and to bring its foreign-exchange system in line with international practices.
The Seoul Foreign Exchange Market Committee said that as of February offshore and corporate customers no longer will have access to real-time currency quotes but will be offered rates referenced to a spread over the real-time rates.
Bank dealers said the move should help authorities tighten their grip on trading. The won has been a favorite among foreign-exchange traders this year, with sharp swings against currencies such as the U.S. dollar and yen providing plenty of opportunities.
"Basically, the foreign-exchange rate that is traded between banks will be offered to interbank participants only, and offshore traders or corporate dealers have to refer to the rate that will be offered by banks," said the foreign-exchange committee, which comprises the Bank of Korea, the Ministry of Finance and Economy, and commercial banks...
"For now, the rate tends to surge or dive easily as customers can see the real-time matching prices, but once we adopt the system, the market will move in a more stable manner," a local bank dealer said. "Offshore speculators, for instance, will find that it's not so easy to play tricks in the forex market...
Another local bank dealer said the change will allow economic fundamentals to play a bigger role in influencing won trading, while speculative forces no longer will be able to move the market as much.
One more reason to be hopeful that that whatever "global imbalances" exist, they can unwind in an orderly fashion.