(Bloomberg) -- Offshore trading in South Korean bonds nearly tripled last month, adding to signs that reforms undertaken to boost the country’s chances of joining a major international debt index are having an effect.

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Overseas transactions via a so-called omnibus account increased to 1.039 trillion won ($780 million) in September, up from 367.5 billion won in August, according to data from the Korea Securities Depository.

“We expect a steady and gradual increase in the number of participants and transaction volumes using the omnibus account,” KSD told Bloomberg in an e-mail on Friday, adding that institutions were probably finished with tests and many are close to starting live trades.

Seoul has campaigned to join FTSE Russell’s World Government Bond Index as it seeks to attract global funds and billions of dollars worth of fresh capital. To accomplish that goal, officials extended trading hours for the won and made it easier for overseas investors to trade local notes.

FTSE’s verdict on South Korea’s progress is due on Oct. 8. Analysts at Goldman Sachs Group Inc. have said slow progress on international trading and settlement of debt securities might delay Korea’s accession to the benchmark until next year.

--With assistance from Catherine Bosley.

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