Seoul - Saba:
The first alternative stock trading platform in South Korea was launched today, Tuesday, with a 12-hour trading system, as well as greater efficiency and convenience for trading securities.
The Korean News Agency "Yonhap" reported that the Korea Exchange "KRX", which was launched in 1956, was the only national operator of the stock market in South Korea, but the launch of the country's secondary stock trading platform, called "Next Trade" "NXT", is expected to facilitate competition in the country's stock exchange.
Trading on the secondary platform continues for 12 hours from 8 a.m. to 8 p.m., which is longer than the trading hours from 9 a.m. to 10 p.m. on the main Korea Exchange.
The agency added that the alternative exchange will also offer lower fees compared to the main exchange, and will offer different bid and ask prices for stocks.
The main exchange's daily stock price limits and market stabilization measures, such as a trading blocker, will also be applied to the alternative exchange, noting that a total of 32 brokerage firms have joined the new platform. Although the platform started with 10 trading firms, the number will increase to 800 in one month.
Kim Hak-soo, president of Next Trade, said that the secondary exchange will contribute to the sustainable growth of the stock market and increase the value of companies by providing innovative services.
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