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--- krx [2013/07/17 16:30] – [Auction Mechanisms] sheng
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-====== Korea Exchange (KRX) ======
-The primary equities exchange in Korea.
-[[http://eng.krx.co.kr | Homepage]]\\
-Currency: South Korean Won (KRW)
-===== Trading Hours & Calendar =====
-[[http://eng.krx.co.kr/m7/m7_4/m7_4_1/m7_4_1_1/UHPENG07004_01_01_01.html | Trading Hours]]\\
-[[http://eng.krx.co.kr/m7/m7_4/m7_4_1/m7_4_1_1/UHPENG07004_01_01_01.html | Holiday Calendar]]
-===== Trading Summary =====
-The KRX aims to be a 'World-Class Premier Exchange' as its vision. The KRX is making concerted efforts to establish an orderly capital market and achieve sustainable growth through providing trustworthy services for the society and build up effective and stable systems and infrastructure.
-==== Lit Order-types ====
-  * Limit Buy/Sell->ShortSell
-  * Market Buy/Sell->ShortSell
-  * Market-on-Open/Close Buy/Sell->ShortSell
-  * Limit-on-Open/Close Buy/Sell->ShortSell
-==== Basic Market Rules ====
-  * [[http://eng.krx.co.kr/m7/m7_4/m7_4_1/m7_4_1_1/UHPENG07004_01_01_03.html | Lot Size]] - minimum lot size is 10 shares (1 share if base price of the issue on that day is above KRW 50,000)
-  * [[http://eng.krx.co.kr/m7/m7_4/m7_4_1/m7_4_1_1/UHPENG07004_01_01_02.html | Tick Size]] - Up to KRW 1000 = 1 ; 1000 to 5000 = 5 ; 5000 to 9990 = 10; 10000 to 49950 = 50; 50000 to 99900 = 100; 100000 to 499500 = 500; greater or equal to 500000 = 1000.
-  * [[http://eng.krx.co.kr/m7/m7_4/m7_4_1/m7_4_1_1/UHPENG07004_01_01_04.html | Daily Price Limit]] - current price limit in the KOSPI market is 15% for stocks, KDRs and ETFs.
-  * [[http://eng.krx.co.kr/m7/m7_4/m7_4_1/m7_4_1_4/UHPENG07004_01_04_05.html | Short Sale Rules]] - short selling is permitted subject to restrictions and regulations. Short sales should be reported as such to the exchange. All short sales must be executed on the uptick.]
-  * [[http://eng.krx.co.kr/m7/m7_4/m7_4_1/m7_4_1_4/UHPENG07004_01_04_02.html | Circuit Breakers]] - all the trading shall be suspended in case KOSPI decreases continuously for 1 minute more than 10% of closing price of the very preceding day. Once circuit breakers is exercised, suspension is made for 20 minutes. The KRX resumes trading 20 minutes after issue of circuit breakers. The first price shall be formed in single price for 10 minutes from the resumption and then crowd trading shall be applied to.
-==== Auction Mechanisms ====
-=== Periodic Call Auction ===
-Periodic call auction is a method of trading to be used when it is greatly necessary to form price balance through concentration of demand and supply, and it receives offers and bid for a certain time and then trading is concluded in a single price with priority among offer prices in accordance with the principle of priority in price and time.
-For more information on Periodic Call Auction, see [[http://eng.krx.co.kr/m7/m7_4/m7_4_1/m7_4_1_2/UHPENG07004_01_02_01.html | here]].
-=== Quantity Allocation in Periodic Call Auction when Opening Price is  ===
-In case of periodic call auction, trading is concluded according to the principle of priority in price·time, but as far as opening price is formed in the upper or lower limit price, allocation of concluded quantities shall be made in sequence from the largest quantities of an offer price to the smallest ones on the basis of principle of priority in quantity as shown in the following order while allocation of other cases shall be in the principle of time priority.
-  * 10 times of trading quantity unit\\
-  * 50 times of trading quantity unit\\
-  * 100 times of trading quantity unit\\
-  * 200 times of trading quantity unit\\
-  * a half of balance (quantity below the said unit shall be rounded off to the nearest integer)\\
-  * remainder\\
-If opening price is determined as KRW20,150 (the upper price limit), for instance, quantities at selling offer price shall be allocated according to the order of priority in quantity between buying offers at the upper price limit.
-For more information on quantity allocation in periodic call auction, see [[http://eng.krx.co.kr/m7/m7_4/m7_4_1/m7_4_1_2/UHPENG07004_01_02_02.html | here]].
-===== Additional Info =====
-Here you can find a number of third-party reference sources to help you learn more about the Australian equities markets.
-==== Financial News/Research ====
-  * [[http://www.theaustralian.com.au/business | The Australian: Business Section]]
-  * [[http://afr.com/business | The Australian Financial Review: Business Section]]
-  * [[http://au.finance.yahoo.com/ | Yahoo!Finance - Australia]]
-  * [[http://www.smh.com.au/business/markets | Sydney Morning Herald - Markets Section]]
-==== Market Data ====
-  * [[http://eng.krx.co.kr/m2/m2_1/m2_1_1/JHPENG02001_01.jsp | KRX Market Data]]
-  * [[http://estock.koscom.co.kr/index.jsp | Koscom Stock Information]]
-===== See Also =====
-===== References =====