South Korea’s financial landscape witnessed a significant development as the country’s first alternative stock exchange, Nextrade (NXT), commenced trading, challenging the long-standing monopoly of the Korea Exchange (KRX). This move aims to introduce healthy competition into the capital markets. The inauguration saw the trading of 10 selected stocks, including prominent names like Lotte Shopping Co. Nextrade plans to gradually expand its listing pool to 800 stocks by the end of March, thereby enhancing market liquidity and fostering competition in Korea’s equity markets.

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Nextrade introduces extended trading hours compared to KRX, allowing pre-market trades from 8 a.m. to 8:50 a.m. and after-hours trading from 3:30 p.m. to 8 p.m. This initiative aligns with the exchange’s aim to provide more flexibility and options to investors, while also reducing trading fees for brokerage firms. The introduction of the duty of best execution for stockbrokers emphasizes the commitment to clients’ best interests.

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Despite minimal changes to trading systems, Nextrade brings a new feature called “smart order routing (SOR),” enabling investors to optimize their trades between KRX and NXT. On its inaugural day, Nextrade experienced moderate trading activity, with YG Entertainment Inc. emerging as the leader in transaction value, followed by Kolon Industries Inc. and LG Uplus Corp.

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Market observers noted slight price divergences between KRX and NXT, with trading screens displaying dual quotes and gains/losses, potentially causing complexity for some investors. While short selling is allowed on Nextrade, restrictions apply during specific trading hours. The introduction of Nextrade marks a significant milestone in South Korea’s financial history, challenging the dominance of KRX, which has been the sole operator of the country’s main bourses since 1956.

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With plans to expand its listing pool and offer unique trading features, Nextrade aims to carve a niche for itself in the competitive financial landscape of South Korea. The gradual rollout of additional stocks and trading options is expected to attract more investors and enhance market dynamics. The introduction of healthy competition through Nextrade is a positive step towards diversifying the country’s capital market ecosystem.

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As South Korea embraces this shift towards a more competitive financial market, industry experts anticipate increased investor interest and heightened trading activity on Nextrade. The exchange’s strategic approach to offering extended trading hours, diverse bidding options, and reduced trading fees is likely to resonate well with market participants, paving the way for a more dynamic and inclusive financial environment.

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