The New York Stock Exchange and Korea Exchange (KRX) have signed a memorandum of understanding to collaborate on several market-related activities, according to a statement from Intercontinental Exchange, Inc. (NYSE: ICE), the parent company of NYSE.

The agreement covers settlement cycle modernization, extended trading hours, exchange-traded funds, and market data and index products. The two exchanges may also establish a NYSE-KRX Joint Collaboration Council to support implementation of the memorandum's goals.

NYSE Group President Lynn Martin said in the statement: "Korea's capital markets play an essential role in connecting global investors to some of the world's most innovative companies, and today's agreement reflects our mutual commitment to making markets stronger and more accessible."

Korea Exchange Chairman and Chief Executive Eun-Bo Jeong said the memorandum "reflects the shared commitment of both exchanges to strengthening cooperation between two leading capital markets" and that it is expected to "deepen the partnership between our two exchanges."

KRX is the sole securities exchange operator in South Korea and operates the KOSPI, KOSDAQ, and KONEX markets, as well as Korea's derivatives market. It is headquartered in Busan with offices in Seoul and representative offices in New York, London, Singapore, and Beijing.