- Background of the KRX Night Market
In order to create a 24 hours trading environment of KOSPI 200 index derivatives products, the KRX launched a nighttime market of KOSPI 200 Futures traded via CME Globex in 2009 and also established KRX-Eurex linkage market with 1 day Futures on the KOSPI 200 Options in 2010.
Moreover, the KRX introduced a nighttime market of US Dollar Futures traded via CME Globex in December 2014 and EuroStoxx 50 Futures denominated in KRW to the KRX regular market in June 2016. Also, 1 day Futures on the Mini KOSPI 200 Futures was launched in the KRX-Eurex linkage market on November 2016.
주의Please be advised that trading of KOSPI200 futures on CME Globex has been suspended as of April 7, 2020 in order to comply with relevant laws and regulations
- Characteristics of the KRX Night Market
- Comparison between trading via CME Globex and KRX-Eurex link
Trading via CME Globex and KRX-Eurex link have different structures which reflect their respective markets and product features. The former refers to the continuous trading of US Dollar Futures during nighttime subsequent to the regular trading, which indicates an extension of trading hours of the both products. Trading via CME Globex is different from regular trading in that it uses CME Globex platform for trading. Therefore, the KRX regulation applies to the US Dollar Futures nighttime market and trading can only be done through KRX member firms which participate in the KRX nighttime market. Execution of trading via CME Globex is done via Globex, but the KRX operates and oversees the trading.
KRX-Eurex link trading is a type of trading that is conducted by Eurex, which lists daily futures on the KOSPI 200 Options and Mini KOSPI 200 Futures in the Eurex market. The product has a structure of “one-day maturity futures” to ensure that investor’s position upon the Eurex market when the market closes is transferred to the KRX market, and the position is transferred in the form of negotiated trading before the KRX market opening. Thus the Eurex regulation is applied to the transaction and clearing, whereas the negotiated trading for final settlement before market opening is subject to the KRX regulation. Overseas investors are allowed to participate in trading via Eurex members, and Korean domestic investors can also trade these products via KRX members that have signed up for Eurex membership or have entered into a business contract with Eurex members.
< Comparison between trading via CME Globex and KRX-Eurex link >
< Comparison between trading via CME Globex and KRX-Eurex link > via CME KRX-Eurex link Market Structure Product - US Dollar Futures
- 1 Day Futures on KOSPI 200 Options
- 1 Day Futures on Mini KOSPI 200 Futures
Listing Type Same as the regular market 1 day maturity futures whose position is transferred to the underlying product Method - CME : Trading/Execution
- KRX : Clearing/Settlement
- Eurex : Trading, Clearing/Settlement
- KRX : Pre-hours negotiated trading
Applicable Regulation KRX regulation - Trading : Eurex regulation
- Final settlement : KRX regulation
Trading Hours KST 18:00~05:00(T+1) KST 18:00~05:00(T+1)
주의~04:00 during daylight savings in Europe
Members Trading/Settlement : KRX members - Trading : Eurex members
- Final settlement : KRX members
Market Participation Opening account with KRX members Opening account with Eurex members or KRX members that have entered into a business contract with Eurex members Others Trading Statistics Trading volume : KRX - Trading volume : Eurex
- Physical delivery : KRX
Launch Date - Dec 8, 2014 (US Dollar Futures) - Aug 30, 2010 (KOSPI 200 Options)
- Nov 28, 2016 (Mini KOSPI 200 Futures)
Number of Members 35 23
주의Based on the number of companies which directly or indirectly participate in the KRX-Eurex link trading.
Denomination Korean Won Korean Won