The membership of KRX gold market is distinctively separated from that of other markets such as securities and derivatives market.
Securities and futures firms and gold dealers approved by KRX can participate in the KRX gold market as members. Non-members including individuals can participate through the members.
Individuals who want to buy or sell gold at the KRX gold market are required to open commodity accounts with the gold market members (securities and futures firms).
Before submitting a buy order, the total purchasing amount must be deposited in buyer’s account.
Non-members including individuals can place orders or request for the withdrawal of physical gold through members by HTS, mobile phone, telephone, fax, etc.
Gold dealers who are eligible for the membership of KRX gold market includes corporations or private operators engaging in such businesses as gold trading, brokering, arranging or proxy of gold trading and production or refinery of gold, and others similar businesses.
Gold dealers who are the members of KRX gold market can place orders to buy and sell gold and request for withdrawal of gold. The non-member gold dealers can participate in the market through members.
Financial institutions applying for the membership of KRX gold market have to be licensed to engage in gold bullion trading and related businesses pursuant to the Financial Investment Services and Capital Markets Act and Banking Act.
Securities firms and futures firms who are licensed for both dealing and brokering of gold bullion can be both dealing members and brokering members, taking orders from individual investors and gold dealers. However, banks that conduct gold dealing business as an incidental business are eligible for dealing membership only.