Schematic Overview
Schematic Overview
< Schematic Overview of KRX-Eurex Link >
Schematic Overview of KOSPI200 Options on EUREX

주의The daily Futures on KOSPI200 Option and Mini KOSPI 200 Futures on Eurex are subject to EUREX trading rules, which are similar to the trading rules of the regular session of KRX Derivatives Market.

주의When the open interests of daily futures on KOSPI200 options and Mini KOSPI 200 Futures on EUREX are transferred to KRX and converted to KOSPI200 options and Mini KOSPI 200 Futures in the pre-hours session on the next trading day, they are subject to the KRX trading rules

Process of Eurex Linkage Trading
Process of trading daily futures on Kospi200 options on Eurex
KRX Process Time (KST) EUREX
Regular session 09:00 ~ 15:45 -
Series information transmission to Eurex 15:50 ~ 16:30 Listing of daily futures
- 16:50 ~ 17:30 -
- 17:30 ~ 18:00 Pre-trading
- 18:00 ~ 05:00(T+1) Regular session
- 05:00 ~ 06:00 Delivery position info transmission to KRX
Delivery position info transmission to members 06:00 ~ 06:05 -
Pre-hours negotiated trading 07:30 ~ 08:20 -
Transmission of trading result to KRX members and ECAG 08:20 ~ 08:30 Transmission of trading result to Eurex clearing members
- 08:30 ~ 09:00 -
- 12:00 ~ 15:00 Payment of variation margin and fee by the deadline set by Eurex members
fn. 1)
Pre-trading : In the pre-market opening, placement, correction and cancel of orders are allowed.
fn. 2)
Daylight Savings Time : 18:00 ~ 04:00
Preparation before Trading
Preparation before Trading
  • To participate in trading of the daily futures on KOSPI200 Options/Mini KOSPI 200 Futures listed on EUREX, a foreign investor should open a derivatives transaction account at KRX member firm which has agreement with EUREX member firm for KOSPI200 Options/Mini KOSPI 200 Futures and makes information available on the account with KRX member firm to the Eurex member firm in advance.
  • Although trading of daily futures on KOSPI200 options/the Daily futures on Mini KOSPI 200 Futures on Eurex are subject to the trading rules and regulations of Eurex, in order to participate in trading, the investor is required to open a derivatives trading account with the KRX member firm and meet the prerequisites related to data provision and margin deposit.
Preparation before Trading
Procedure Specifics Note
Opening domestic derivatives (transaction) account
  • Domestic investor :
    To open a trading account
  • Foreign Investor :
    To make available information on his&her account with KRX member firm to Eurex member firm in advance
  • Use of general mediation account for foreign derivatives transaction is prohibited
  • Exclusive account only for trading of the daily futures on KOSPI200 Options/Mini KOSPI 200 Futures is assigned
Entering into service agreement Investor and member firm enter a separate service agreement for daily futures on KOSPI200/Mini KOSPI 200 Futures options Certificated electronic signature etc.
Trading Submission of orders either on off-line or online using the HTS program provided by the member companies HTS Program may be downloaded from the web-site of KRX member firm
Clearing & Settlement
Clearing & Settlement(T+1)
Settlment deadlines for daily futures on KOSPI200 Options and Mini KOSPI200 Futures is 15:00 on T+1 day (CET 08:00 next day). Investors who are required to deposit an additional margin (as the result of a trade loss) must keep the deadline, but the withdrawal (as the result of a trade profit) is possible after 2 hours, because of the time difference between Korea and Central Europe.
Clearing & Settlement(T+1)
Time Settlement procedure
T+1 05:00
  • EUREX linked market closed
T+1 15:00 Profit/Loss Calculation
  • ECAG ⇄ ECAG clearing member
  • Settlement Price : base prices of KRX regular market
T+1 17:00 Profit/Loss Calculation
  • ECAG clearing member ⇄ KRX Member
  • Deposit (Loss) : T+1 15:00
  • Withdrawal (Profit) : T+1 17:00
T+1 17:00 Profit/Loss Calculation
  • KRX Member ⇄ Customers
  • Deposit (Loss) : T+1 15:00
  • Withdrawal (Profit) : T+1 17:00

주의T day: Eurex linkage trading day, Time: Korea Standard Time (KST)

Pre-hours Negotiated Trading(Final Settlement)
  • Pre-hours negotiated trading is the final stage of determining the settlement quantity for the open positions after the closing of the Eurex market. After the market closing, Eurex transmits the data on open positions of daily futures on KOSPI200 Options & Mini KOSPI200 Futures to KRX and its members, and KRX executes the negotiated trades applied by members in the pre-hours session.
  • The settlement for the pre-hours negotiated trading is made 2 business days (T+2) after aggregating the settlement portion for trades that took place during a regular session on T+1. The settlement is not necessary for Mini KOSPI200 Futures trades that occur during pre-hours negotiated trading.
Examination of Customer margin level
  • KRX Member firm ensures that margin deposited by a customer is sufficient according to the rules of Derivatives Market of KRX by 07:30.
    In case where the investment risk in trading of daily futures on KOSPI200 options and Mini KOSPI 200 Futures on Eurex has been monitored on real-time basis, the customer margin is not reviewed once again (real-time monitoring is mandatory for Korean investors)
Order placing for Pre-hours Negotiated Trading
  • KRX Member firm must submit the orders for Pre-hours Negotiated Trading from 07:30 to 08:20 for the customers who satisfy the margin requirements
  • In case of customer satisfying the margin requirement, an opportunity to participate in the single-price auction that begins at 08:00 is given after the execution of negotiated trade
Notification of account for which the order for negotiated trade is refused
  • Details of customer accounts that failed to deposit additional margin are notified to KRX and Eurex members by 08:20
  • Because of the nature of negotiated trade, when the entrustment of any of bid or ask order is refused, a settlement default may occur (in Eurex) because of settlement failure of any bid/ask order randomly related to the refused entrustment. To minimize such market risk, the KRX members notify KRX the quantity of entrustment of customer that failed to deposit additional margin.
  • Transfer of refused order entrustment to ECAG: ECAG is obliged to take over the orders that were refused because of insufficient margin deposit.
  • ECAG takes over the rejected orders and concludes the negotiated trade, and then closes off the positions by reverse trading during single-price auction for determination of opening price.
Handling after Refusal to accept order entrustment for Pre-hours Negotiated Trading
  1. 08:20 : Deadline for Refusal to accept order entrustment for Pre-hour Negotiated Trading
  2. 08:20 ~ 09:00 : ECAG acts as CCP* for the accounts with insufficient margin deposit.
    • KRX Member firm which has ECAG settlement account : Korea Investment & Securities
      ⇒ Participation under ECAG’s name: To take over all positions for which the order submitted for pre-hours negotiated trading was turned down.
  3. 09:00 ~ : ECAG closes off the positions that it took over
    • The positions taken over are cleared by offset trade in the KRX regular session
    • In case of low liquidity product, Offset Trade may take few days
  4. After clearing the open positions by Offset Trade : ECAG will exercise the right of indemnity against KRX member firm or Eurex member firm.