交易时间更长费用更低 韩国另类交易平台爆火

Core Insights - Nextrade (NXT) has quickly become a preferred trading platform for Korean investors due to its extended trading hours, lower fees, diverse order types, and rapid execution and settlement [1][2] - On October 20, NXT recorded a trading volume of 11.6 trillion KRW (approximately 57.8 billion RMB), accounting for about one-third of the total market trading volume of 23.3 trillion KRW on the same day [1] - NXT was established by 34 financial institutions in 2022 and officially launched on March 4, 2023, with a daily operating time from 8:00 AM to 8:00 PM, which is longer than the Korea Exchange's hours [1] Trading Mechanism - NXT employs a "T+2" settlement method, with stock price fluctuations limited to ±30% of the previous day's closing price on the Korea Exchange, and has introduced circuit breakers and temporary trading halts [2] - Regulatory limits previously restricted alternative trading platforms to a maximum of 30% trading volume per stock and a total trading volume cap of 15%, but these restrictions were temporarily lifted in September due to NXT's success [2] Market Participation - Retail investors dominate NXT, accounting for 86% of total trading volume, while institutional participation remains low due to concerns over system stability [2] - Attracting institutional funds and ensuring technological stability are seen as critical for NXT's continued success [2] Competitive Response - The rapid growth of NXT has prompted the Korea Exchange to reconsider its long-standing resistance to extending trading hours, with discussions underway about potentially extending trading hours to 12 hours [3]