Korea Exchange.
CME Group Strategic Partnership with Korea Exchange (KRX)
New Product Launch on CME Globex.
On December 8 th , 2014 (after KRX regular trading hours on December 8 th ), Korea Exchange (KRX) listed USD/KRW FX futures on CME Globex for its overnight trading session. KRX also listed back-dated contract months for existing KOSPI 200 futures up to the maturity of 3 years to meet the trading needs of longer term contracts.
CME Group Strategic Partnership.
CME Group and Korea Exchange (KRX) have a strategic partnership realized through a market linkage agreement that the selected KRX products are hosted on CME Globex for its overnight trading hours. Currently, the agreement enables KRX members to trade KOSPI 200 futures and USD/KRW FX futures during the overnight session on CME Globex via the KRX’s Unified System for Global Trading (USG). The trades executed on CME Globex will be combined with the trades of the next regular trading session for a single cycle of clearing and settlement.
A global distribution network for the KOSPI 200 futures and USD/KRW FX futures.
CME Globex Access to KRX Products.
Below is the overall on-boarding procedure for a customer who would like to trade the KRX products on CME Globex:
A customer is required to open an account with one of the KRX member firms. If the customer has an account already for KRX regular trading session, the same account may be used for the overnight trading session. Please contact your CME Global Account Manager to be advised on KRX member firms providing access to KRX products on CME Globex.
KRX Market Data on CME Globex.
As opposed to order routing which is required to go through the USG system located in Korea, customers are able to leverage existing connectivity with CME Globex to subscribe to KRX market data on Globex. However, customers are required to be licensed with KRX before receiving KRX market data. Please contact your CME Global Account Manager for more information.
About Korea Exchange.
KRX, Korea Exchange Inc., established in January 2005 through the merger of the Korea Stock Exchange (KSE), the Korea Futures Exchange (KOFEX), the KOSDAQ Market, and the KOSDAQ Committee, is the sole exchange in the Republic of Korea. KRX operates the centralized securities and derivatives markets where stocks, bonds and derivatives are traded on a common platform called EXTURE+. KRX offers:
Full access to both derivatives and cash markets.
Its flagship KOSPI 200 futures and options are two of the world’s most liquid index contracts. Few products combine widespread retail liquidity with institutional interest so successfully. The futures contract is a world leader among stock index futures contracts, with a total 2009 volume of over 83 million contracts traded. Its counterpart, the KOSPI 200 option, has been the world’s most actively traded derivatives product for several years.
CME Group's Global Presence.
Head of Global Derivatives Business Development.
Order Routing and Connectivity:
Director, Global Account Management, Asia.
KRX Trading.
KRX Products.
Subscription Center.
Send Us Feedback.
Who We Are.
CME Group is the world's leading and most diverse derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs). Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX.

Korea Exchange.
Korea Exchange (KRX) is the sole platform for the listing and trading of stocks, bonds and derivatives in Korea. It was formed on Jan. 27, 2005, from the merger of the Korea Stock Exchange (KSE), the Korea Futures Exchange (Kofex), the Kosdaq Market and the Kosdaq committee, part of the Korea Stock Dealers' Association. It provides an electronic platform for the trading, clearing and settlement of cash equities, bonds and derivatives.
The exchange's derivatives volumes are driven by the Kospi 200 Index options and Kospi 200 Index futures contracts. Until 2012, the Kospi 200 Options contract was at the top of the FIA's volume tables for almost a decade, becoming the most actively traded derivatives contract in the world in 2011 with 3.67 billion contracts traded. [1] However, in 2012 the Korean authorities decided that too many retail investors were speculating in various ways on the direction of the stock market, so they quintupled the index multiplier, making the contract five times more expensive to trade, according to Futures Industry Magazine. [2]
Volume at the exchange was 692,990,540 in 2016, down 12.8 percent from the previous year, making it the world's 12th largest derivatives exchange. [3]
In August of 2014, KRX said that a 2.5 per cent stake in the exchange was for sale and that CME Group, Deutsche Boerse and Standard & Poor’s had all expressed interest. The stake is being offered ahead of a planned merger between brokers NH Investment & Securities and Woori Investment & Securities, which when completed would have a combined stake in KRX of 7.5 per cent, higher than the 5 per cent that Korean regulations allow. The 2.5 per cent stake is worth more than 90 billion Won ($88 million), according to the Financial Times.
CME Group offers Kospi futures to its customers through Globex, and Deutsche Borse's derivatives arm, Eurex, offers Kospi options in Europe via a mutual agreement. [4]
In January of 2015 South Korea's Ministry of Strategy and Finance decided to release Korea Exchange from direct state control. [5] The decision was made after the Korea Exchange met the requirement for delisting by overhauling its management style and cutting excessive welfare benefits given to its workers by more than 68 percent. Passage of a revised financial market act in May 2013 lifted the exchange's monopoly control of the stock market, which also enabled the delisting. Although it will lose its monopoly status, KRX can now seek to set up overseas operations that can benefit the exchange in the long run. [6] The Financial Services Commission continues to supervise the exchange.
Key Developments.
After the completion of the merger, ownership was split in 2007 between 44 financial and government entities, led by Woori Investment Securities (6.3 percent); Daewoo Securities (3.2 percent) and Daishin Securities (3.2 percent). Overseas owners include JP Morgan, Citigroup and Australia's Macquarie Bank. [7]
The Korea Exchange was the world's busiest in 2009-2011, according to the Futures Industry Association's annual surveys. [8] The FIA report, published in early April, 2010, notes that the number of futures and options traded on the Korea Exchange rose 8.3% on the 2008 figure to hit 3.101 billion, topping larger rivals Eurex and the CME Group. The Korea Exchange's Kospi 200 Options (KRX) also headed the FIA's list of the wold's top-20 equity index futures and options with 2.921 billion options traded, up 5.6% on the 2008 figure.
In 2012, however, KRX had fallen to fifth place and in 2013, ninth place, after the exchange quintupled the multiplier on its flagship Kospi 200 futures and options contracts.
In December 2013, an employee at Hanmag Securities erroneously placed orders to buy and sell Kospi 200 index options, incurring $43.8 million in losses and bankrupting the firm. KRX covered the shortfall from its emergency fund. [9] Later that month, the exchange began implementing risk management practices to avoid a repeat of the Hanmag debacle, including the installation of a "kill switch" which would shut down trading from a broker dealer during a technology glitch or large error. [10]
Technology.
The KRX exported its in-house trading platform EXTURE+, to Azerbaijan at the end of 2014. It also entered into a contract with the Securities and Exchange Commission of Thailand to export a market surveillance system in February 2015. KRX was selected as the executing organization of the Capital Market IT Infrastructure Development Project initiated by the Azerbaijan State Securities Committee in December 2014. KRX previously won contracts to establish IT infrastructure in Cambodia, Laos, Vietnam, and Uzbekistan.
KRX plans to expand its IT business to Eastern Europe and the Middle East in 2015. [11]
Regional Bourses.
KRX has taken a lead in the development of several exchanges in Southeast Asia and beyond:
In 2006, KRX set up the infrastructure of the Malaysian stock market, signing a $13 million deal with Bursa Malaysia. [12] In 2010, the exchange signed a deal with the government of Uzbekistan for the modernization of its markets. In January 2011, KRX teamed with the Laotian government to establish a stock exchange there in return for a 49 percent stake. [13] In July 2011, the Cambodia Stock Exchange was launched, with KRX holding 45 percent of the shares. In 2012, KRX signed a $30 million deal with Vietnam to set up a next-generation stock market system and market surveillance system. [14]
Key products.
The Korea Exchange's main benchmark stock index is the KRX KOSPI 200 and listed futures and options contracts tied to its value are the world's most-traded derivatives contracts, according to the Futures Industry Association.
Key people.
Kyung-soo Choi was elected chairman and chief executive officer in the fall of 2013.
The previous chairman, Bong-soo Kim, became chairman and CEO of the KRX on December 30, 2009.
Contract Volume.
Joint Ventures.
KRX expanded its position in the international derivatives market through partnerships with Eurex and the CME Group, to distribute and allow trading in options and futures respectively on its benchmark KRX KOSPI 200 stock index.
In November 2009 KRX launched a joint agreement with Chicago-based CME Group to provide after-hours electronic trading access to KOSPI 200 Futures contracts via the CME Globex platform. [15] KRX and the CME also agreed on a bi-directional order-routing system similar to that successfully implemented between the CME and BM&FBOVESPA, Brazil's largest securities-trading exchange. CME also offers members trading the Kospi futures a give-up/take-up functionality, which allows member firms to transfer positions to one another on an intra-day basis.
In August 2010, KRX began listing its Kospi 200 options contract, also during non-Korean market hours, on Eurex. The partnership allows Eurex members to trade and clear Kospi 200 options during European and North American trading hours. The Eurex Kospi product is a daily futures contract based on the Kospi 200 options. These futures contracts expire at the end of each trading day and open positions are transferred to KRX in the form of a Kospi option. [16] [17]
John Lothian News Interview.
Korea Exchange’s Jae-Joon Lim Discusses OTC Clearing and Kospi Contracts.
Jae-Joon Lim is director, business development at Korea Exchange, home of the most traded contract in the world, the Kospi futures and options. At the 2012 Emerging Manager Forum in London, Lim discussed the Kospi, as well as OTC clearing of Korean yun denominated interest rate swaps, due to launch this fall. Interview by John Lothian News editor-in-chief Jim Kharouf. Published July 25, 2012. Watch at JohnLothianNews [18]
Key contracts.
The following contracts listed on KRX have MarketsWiki entries:
There are no restrictions on foreign individuals trading contracts listed on the KRX.

Korea Stock Exchange (KSC).KS.
DEFINITION of 'Korea Stock Exchange (KSC).KS'
The Stock Market Division of Korea Exchange, formerly an independent South Korean exchange, was established in 1956. Some of its milestones include the launching of the Stock Index Futures Market in 1996 and the Stock Index Options Market in 1997, as well as the adoption of electronic trading in 1988, warrant trading in 2000, and equity options and ETFs in 2002. Its traded instruments include stocks, bonds, ETFs and REITs.
BREAKING DOWN 'Korea Stock Exchange (KSC).KS'
The Korea Exchange was established in 2005 as a merger of the Korea Stock Exchange, the KOSDAQ and the Korea Futures Exchange. The Korea Exchange is one of Asia's largest exchanges with around 1,800 listed companies.

Korea stock exchange options

Woody Creek, Colorado, June 2016.
“… a lithograph picture that’s turned to the wall …”
The Paperback is Here.
W. W. Norton’s paperback edition of Dry Bones in the Valley is available in the US as of April 6, 2015. It will fit in a large pocket and is suitable for travel, reading, swatting insects, and other uses. Links to retailers can be found on the book page.
In Good Company.
This past weekend I attended the Los Angeles Times Book Prizes and Festival. By day, jacaranda trees were in bloom; I’d never seen trees that purple before. Saturday night, will wonderments never cease under the stars of heaven, Dry Bones in the Valley took the prize in the Mystery/Thriller category. At the ceremony, the UCF string quartet played the winners on and off the stage. I don’t usually crow about the book on this particular page, but hey, it felt and still feels just as strange and dreamlike as anything else …
Sky Before Painting of Sky.
“For those of us who write poetry, Stanley Kunitz’s life and his work remind us that although we have been born into an unkind world that tells us to be hard and separate, it is our calling to dance for the joy of survival on the edge of the road. We must have faith that we will change, and yet we must remain modest. Poetry is a necessary and natural phenomenon, neither superior to the work of the tortoise beetle larva nor less wonderful. We must choose love before love story, sky before painting of sky, gentian blossoms before poem, even though those these choices might lead to heartbreak. We must be kind. We must be present. Kunitz reminds us not to neglect the humble life that dies into our poems, and is no less blazingly luminous for being ordinary.”
-from “I Dance for the Joy of Surviving: Stanley Kunitz’s Meditations on the Writing Life” by Dante Di Stefano. Writer’s Chronicle, September 2014.
Check out the cover on Faber & Faber’s edition (UK).
“One bright moonlit night, as one of the sons of the farmer who lived at LLwyn On in Nant y Bettws was going to pay his addresses to a girl at Clogwyn y Gwin, he beheld the Tylwyth Teg enjoying themselves in full swing on a meadow close to Cwellyn Lake. He approached them, and little by little he was led on by the enchanting sweetness of their music and the liveliness of their playing until he had got within their circle. Soon some kind of spell passed over him, so that he lost his knowledge of the place, and found himself in a country, the most beautiful he had ever seen, where everybody spent his time in mirth and rejoicing. He had been there seven years, and yet it seemed to him but a night’s dream; but a faint recollection come to his mind of the business on which he had left home, and he felt a longing to see his beloved one. So he went and asked permission to return home, which was granted him, together with a host of attendants to lead him to his country; and, suddenly, he found himself, as if waking from a dream, on the bank where he had seen the fair family amusing themselves. He turned towards home, but there he found everything changed: his parents were dead, his brothers could not recognize him, and his sweetheart was married to another man. In consequence of such changes he died broken-hearted in less than a week after coming back.”
–As told to John Rhys, author of Celtic Folklore, Welsh & Manx, Volume One (1901)