- Internet-based Transactions
- The KRX’s e-commerce is internet-based to give any participants using PCs an easy access to the market.
- Participants can download the forms such as the user contract, operation regulations and applications as well as the order input program from the website of KRX Petroleum Market (http://petro.krx.co.kr).
- Competitive Trading
- Participants can trade products at the best price as the quotations of petroleum products of are posted by individual shipping locations and trademarks
- Participants can select and trade the most beneficial products by referring to the prices of trademarks or shipping locations in eligible regions.
- Adoption of the Good Faith Money
All the participants, except for refiners, deposit the good faith money in cash. The KRX collects the good faith money before order submission and transfer it to the counterparty in the event of failure to make payments or deliveries.
Currently, the amount of good faith money is KRW 1.5 million per trading unit (20,000 liters).
- Real-time Gross Settlement
- Through the real time gross settlement for each transaction, a potential buyer can buy petroleum products in a timely manner.
- Payments are made in cash by 18:00 on the trading day (T Day) while delivers are made in physical form of spot products by 22:00 of the day following the trading day (T+1 Day).