上下班都在玩股票，韩国股民上瘾了

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][2] - 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][2] - The success of Nextrade has prompted regulatory bodies to urgently revise rules governing trading activities, while also pushing the traditional exchange to reconsider its long-standing resistance to extended trading hours [1][4] Market Dynamics - Nextrade's rapid growth is unprecedented globally, outperforming other alternative trading platforms in countries like the U.S. and Japan, where similar systems account for only 20% and 10% of total trading volume, respectively [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][3] Investor Behavior - Retail investors, referred to as "ants" in South Korea, have shown a strong preference for high-risk investments, with 86% of Nextrade's trading volume coming from them, 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 - Following Nextrade's success, South Korean regulators have had to modify existing trading volume limits, which previously restricted individual stock trading volumes to 30% of the traditional exchange's volume [4][5] - The Financial Services Commission temporarily lifted the individual stock trading volume cap in September due to the high trading volumes on Nextrade, although the overall limit of 15% remains in place [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 slow until Nextrade received initial authorization in 2023 [6]