上下班都在玩股票，“12小时交易”上线逾半年，韩国股民彻底上瘾了

Core Insights - Nextrade, an alternative stock trading platform in South Korea, has rapidly captured nearly one-third of the country's daily trading volume of $2.4 trillion within just over six months of operation, highlighting a significant surge in demand for "around-the-clock" trading [1] - The platform's trading volume share reached nearly 30% in September, up from less than 4% at its launch in March, with some popular stocks trading more on Nextrade than on the traditional Korean Exchange [1] - The success of Nextrade has prompted regulatory changes, forcing authorities to revise rules that limit trading activities on new systems, while also pushing the traditional exchange to reconsider its stance on extended trading hours [1] Market Performance - Nextrade's growth is unprecedented compared to other global alternative trading platforms, achieving a market share of over 30% in just seven months, while similar platforms in the U.S. and Japan have much lower shares [2] - The platform offers 12 hours of continuous trading, divided into pre-market, regular trading, and post-market sessions, which has attracted a significant number of retail investors [2] Investor Behavior - Retail investors, referred to as "ants" in South Korea, dominate Nextrade's trading volume, accounting for 86% of transactions, while foreign investor participation has increased to 11% [3] - The platform's lower trading fees, which are 20%-40% less than those of the traditional exchange, and its flexible trading options have contributed to its appeal [3] Regulatory Changes - The rapid success of Nextrade has led to urgent amendments in regulatory limits, with the Financial Services Commission temporarily lifting the individual stock trading volume cap after it was exceeded by over 500 stocks [4] - Despite the removal of the individual stock cap, the overall trading volume limit of 15% remains in place, leading Nextrade to suspend trading for nearly 150 stocks to manage volume [5] Future Outlook - The ability of Nextrade to maintain technical stability and attract institutional investment will be crucial for its continued success [6] - The establishment of a legal framework for alternative trading systems in South Korea dates back to 2013, but progress was stalled until Nextrade received initial authorization in 2023 [6]