The primary equities exchange in Korea.

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Currency: South Korean Won (KRW)
Time Zone: UTC +09:00

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.

• Limit Buy/Sell→ShortSell
• Market Buy/Sell→ShortSell
• Market-on-Open/Close Buy/Sell→ShortSell
• Limit-on-Open/Close Buy/Sell→ShortSell

• Lot Size - minimum lot size is 10 shares (1 share if base price of the issue on that day is above KRW 50,000)
• 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.
• Daily Price Limit - current price limit in the KOSPI market is 15% for stocks, KDRs and ETFs.
• 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.]
• 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.

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 here.

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.

The single price auction is used to determine the closing price on KOSDAQ using price/time priority.

Market on Close orders are treated as priced at most recent market price. In case there are more aggregated offer market orders, the market on close orders are treated as priced at one tick lower than the most recent market price. In case there are more aggregated bid market orders, the market on close orders are treated as priced at one tick above the most recent market price.

The total quantity of offer order priced lower than the match price (closing price) and the total quantity of bid order priced higher than the match price is matched and executed.

Orders quoted at the match price, the total quantity of either bid or offer quotation is matched. Of the quantity in excess of the quantity of the other side, the quantity in excess of the quantity of trading unit of the concerned issue is matched.

In case there are more than two (2) matched prices in rules above, if there is a price that is equal to the most recent market price, it shall be the match price, if there is no price that is equal to the most recent market price, the price that is closest to the most recent market price.

Auction Periods

Order input period (14:50 - 15:00). If the reopening of the market falls within 20 minutes before market closing time (15:00). The order acceptance period for closing auction is from the reopening time to market closing time.

Order matching (15:00)

Order Types

Limit order with TIF set to DAY

Market order with TIF set to DAY

Market on Close order with TIF set to DAY

For more information on auction mechanisms on the Korea Exchange , see here. After Market Trading - Section 4, 20, 21-3

Korea Market Expiry Date

KOSPI options expire every second Thursday of each month. On the KR Expiry Date, traders must get flat by 14:49 using market or limit order. MOC/LOC orders will not work.

• The Korea Herald: Business Section
• The Korea Times: Business Section
• The Korea Economic Daily

• KRX Market Data

• Market Guides