Main contents
Subject
Stock certificate, DR, ETF, ETN, Beneficiary Certificate (Stock certificate and DR for KOSDAQ market)
주의 As of Oct 18th, 2021, for newly listed stocks and global DRs and transfers from the KONEX to KOSDAQ, VI will not be applied on the day of the IPO(only for the day).
(Yet the VI will still be applied to transfers from the KOSDAQ to KOSPI or from the KOSPI to KOSDAQ)
Ⅵ-Types
  • Dynamic Volatility Interruption
    A tool to relieve a temporary volatility caused by supply-demand imbalances or fat-finger error.
  • Static Volatility Interruption
    A tool to relieve a long-term cumulative price change caused by a specific or various quotations.
Triggering Requirements
  • Reference prices
    Reference prices
    Dynamic Ⅵ Static Ⅵ
    The last execution price
    (when there is no first execution price in the after-market then the reference price is the closing price of the regular market)    		 The price determined at the last call auction before placing orders
    • Before determining the opening price: Base price of the day(previous day’s closing price)
    • After determining the opening price : A price determined at the last call auction
    • After-market: If there is no execution of call auction, then closing price of the regular market
  • Ⅵ triggering price:
    Ⅵ triggering price:
    Classification Dynamic Ⅵ Static Ⅵ
    Continuous Auction·After-market Closing Auction1)
    KOSPI 200 Constituent stocks 3% 2% 10%
    General issues in KOSPI market, KOSDAQ market 6% 4%
    Ⅵ triggering price: ETF/ETN
    Classification Dynamic Ⅵ Static Ⅵ
    Continuous Auction
    (09:00~15:20)    		 Closing Auction1)
    (15:20~15:30)    		 Regular Session
    ETF/ETN KOSPI200/100/50, KRX100, Inverse, Bond 3% 2% 10%
    Leverage, Sector, Foreign index, Commodity, and so on 6% 4%

    1) An exceptional Dynamic Ⅵ rate (1%) is applied to the underlying stocks* of derivatives products during closing auction on the last trading day of equity-related derivatives products

    주의Constituents of KOSPI200, KOSDAQ150, and Sector indices and underlying stocks of single stock futures and options
  • There is no limit to the numbers of times Ⅵ can be triggered in a day.
Processing Method
  • When VI is triggered, the orders are received for 2 minutes for call auction and then executed.
    (If VI occurs at the time of continuous auction, the session would be converted to call auction. If it occurs during call auctin, then the time will be extended.)
  • Priority principle for price and time is applicable.
Applied session
  • Dynamic VI : Continuous auction(Regular, After-market), closing auction
  • Static VI : Continuous auction(Regular, After-market), opening and closing call auction
Exceptions
  • Issues scheduled to be delisted, short-term overheated issue
Avoidance of overlapping application

In case where the VIs overlap with other price stabilization facility, only one is applied in principle for the investors’ convenience.

  1. Circuit Breakers (CB)
    At the time of CB triggering, other price stabilization is cancelled
  2. Price stabilization facility by issue
    when a call auction is conducted by a triggerd VI, another VI is not applied.