Trading Procedures
Deposit of good faith money
A participant who has completed the installation and log on procedures of the order input program needs to deposit the good faith money (1) at the KRX account whenever he or she places orders.
Fn. 1)
The good faith money is KRW 1.5 million for each order of 20,000 liters
Order Placement
Participants select an issue by type of oil, trademark, region or storage site and place orders by clicking the order buttons.
Execution of Trades
Trades are executed by matching the orders according to price and time priorities
Confirmation of Trade Details and Input of Delivery Charges
The Exchange notifies both the seller and the buyer of the results of trade execution via the order input program.
Payment and Negotiation of Delivery Conditions
Buyers make the payment into the KRX account within one hour after the input of delivery charges (after the execution in the case of “on shipping”). The buyer and seller mutually decide the date and time for delivery and the buyer inputs the date and time in the order input program by 22:00 of the trading day.
Delivery of Petroleum Products
Sellers deliver petroleum products within two hours after negotiating the date and time of delivery (it shall not be past 22:00 of the day that follows the trade execution date.) after confirming the payment via the order input program.
Confirmation of Delivery
Buyers, upon receiving petroleum products, confirm the delivery by clicking the delivery confirmation button in the order input program and inputting the actual date and time of the delivery.
Transfer of Payment
After the delivery is confirmed, the KRX transfers the payment to the seller, completing all the procedures for transactions.
Payment for Purchase