• Phase 1 : All stock trades are halted when the KOSDAQ index declines 8% or more compared to the previous day’s closing value and lasts for 1 minute.
• Phase 2 : After the trading halt by phase 1 and resumption thereafter, if KOSDAQ index declines 15% or more than that of previous day and at the same time if the index declines 1% additionally and lasts for 1 minute compared with the index value at which phase 1 was triggered, all trades are halted.
• Phase 3 : Following the phase 1 and 2 trading halts and resumption thereafter, all trades are halted if the KOSDAQ index decreases 20% or more than the previous day’s closing value and additional 1% decline occurs and lasts for 1 minute compared with the index where phase 2 was triggered.
• The implementation of the each phase of Circuit Breakers is limited to one time in one day. Phases 1 and 2 are not triggered during 40 minutes before the market closing whereas phase 3 is triggered during that time period.

• During phase 1 and 2 Circuit Breakers, all trades and all orders in KOSDAQ market are halted except the cancellation orders
• All orders (excluding cancellation orders) and trades in KOSDAQ150 index futures, single stock futures market are also halted.
• When phase 3 is triggered, all trades in KOSDAQ market are halted (The market is closed).

• Trades are resumed 20 minutes after the halt in case of phase 1 and 2.
• When trades are resumed, the first price is determined by the single price auction with bid and offer orders collected for 10 minutes from the time that trades are resumed.
• In case of phase 3, no trade can be resumed on the day.