What is a quotation?
By definition, a quotation is an exchange member's expression of intention to buy or sell a security at the exchange market under its own name. That is, members are making quotations to the exchange with the customer's orders entrusted with them.
Cancellation and Correction of Quotations

Of the quotations already placed to the exchange, the quantity not yet executed can be cancelled or corrected for all or in part.

Cancellation of a quotation is to cancel the intention of the quotation that is already validly received. The effect of the cancellation is confined with the quantity not yet executed only. In case of cancellation in part, the remaining quantity after the cancellation still has the quotation receipt time unchanged.

As correction is allowed only when converting to a different price or a different type of quotation, corrections intending to change the quantity of already placed quotations or intending not to change the price of the quotation is not allowed. In case of correcting a quotation, the time priority is changed to the time of receipt of the correction quotation. But in case of a correction in part, the remaining quantity after the correction still has the quotation receipt time unchanged.

Tick Size

Tick size means the minimum unit at which a quotation can be placed for each band of price levels. For the standardization of trades and smooth order matching, KRX sets tick sizes as follows :

Tick Size
Stock Price (KRW) Tick Size (In KRW) Minimum Spread Ratio
below 1,000 1 0.1% or more
1,000 ~ below 5,000 5 0.1 ~ 0.5%
5,000 ~ below 10,000 10 0.2 ~ 0.1%
10,000 ~ below 50,000 50 0.5 ~ 0.1%
50,000 ~ below 100,000 100 0.2 ~ 0.1%
100,000 ~ below 500,000 500 0.5 ~ 0.1%
500,000 or higher 1,000 below 0.2%