Quotation Receipt and Aggregation

In a KRX repo trade, bid quotations are allowed to be submitted regardless of the type of issue if the bonds are deemed to have a certain level of safeness as a collateral. KRX refers to these as “General quotations” (quotations for unspecified issues).

KRX receives quotations by repo type to apply the General quotations in trading system. The repo type indicates a combination of the classification of bonds (tradable bonds with the same risk level) and trade period. Currently, there are 30 Aggregation of Quotations by Repo Type (AQRT) Tables, consisting of three classifications of bonds and ten trade periods as below. This is based on the notion that same repo rates can be established within an AQRT Table if other conditions are the same.

< Aggregation of Quotations by Repo Type (AQRT) >
Classification of Bonds Trade Period
Government bonds (GA)
  • Korea Treasury Bonds
  • Foreign exchange Fund Bonds
10 types of GA
(overnight – 90 days)
MSBs and DIFBs (SA)
  • Monetary Stabilization Bonds
  • Deposit Insurance Fund Bonds
10 types of SA
(overnight – 90 days)
Others (CA)
  • Corporate bonds
  • Special bonds
10 types of CA
(overnight – 90 days)

Then, quotations are recorded in the tables in the order of receipt by bid–ask and price (repo rate), and a trade is executed within the range of the table. Since quotations within the table compete with each other, ask quotations compete with bid quotations for unspecified issues if different bonds fall into the same category. Quotations should be submitted during regular trading hours from 9:00 to 15:30.

Quotation and Trading Unit

KRX Repo has adopted the securities-based quotation rule, in which the amount of bonds to be traded is determined first and then the amount of payment is determined accordingly. The trading unit is an integer multiple of the face value KRW 1 billion. The tick size is indicated as a repo rate with two decimal places (1 basis point) per KRW 10,000 trade value. The repo rate indicates the annual interest rate for the trade value, not the bond face value.

< Quotations and Trading Unit >
Classification Details
Type of Quotation Securities-based quotation
Quotation Quantity Unit Trading value of KRW 10,000
Quotation Price Unit Repo rate with two decimal
Trading Unit Face value of KRW 1 billion