In order for an investor to trade in the KRX securities markets, he/she has to first open a trading account at one of the security companies (or Financial Investment Business entities as defined in the 'Capital Markets and Financial Investment Business Act') with KRX membership (member firms). With such trading account, the investor are able to place trading orders to the member firms, which will subsequently submit (quote) those customer orders to the Exchange.
Member firms entrusted with customer orders are obliged to immediately submit (quote) those orders to the KRX. Trading orders from foreign investors should by-pass FSS (Financial Supervisory Service) Foreign Investors Management System (FIMS) for foreign investors' share-holding cap check on certain issues. Non-member firms also have to quote customer orders to designated member firms.
All trading orders submitted to the KRX by member firms shall be traded in accordance with the matching principles specified in business regulations of the KRX. Immediately after the transaction, KRX shall inform (in electronic format) member firms of the trading results which shall then be notified to respective customers.
Customers shall conduct settlement of their transaction with member firms by deposit of money or relevant securities for buying or selling securities on T+2 (exact time for settlement deadlines are set by each member firms). Entire process of a trade will be complete when every member firms complete their required settlement transaction with KRX (as a CCP) by 16:00 of T+2.
Trading days in KRX KOSPI markets are from Monday through Friday and no trading and settlement shall be made on following holidays.
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