Korea’s first different trade is predicted to launch within the first half of subsequent yr
12-Hour Buying and selling ‘Double-Edged Sword’… Might Encourage ‘Excessive-Frequency Buying and selling’
A discount in inventory buying and selling prices, however it’s unclear whether or not it will return to buyers
The success or failure of an ATS is split by the ‘finest efficiency obligation’… Want for systematic management
Overview of the Yeouido Securities District. [사진 출처 = 연합뉴스]
Earlier than the launch of Korea’s first different trade (ATS, a multilateral buying and selling firm), there are combined expectations and considerations inside and outdoors the trade.
In keeping with the trade on the twenty sixth, the choice trade ‘Nextrade’ is predicted to be launched within the first half of subsequent yr, and a full-fledged multi-market and aggressive system is predicted to begin within the home capital market as in main abroad. international locations.
Beginning subsequent yr, will probably be doable to commerce shares 12 hours a day from 8am to 8pm, the varieties of values will change into extra numerous, and buying and selling prices are anticipated to be lowered because of competitors in commissions.
On the identical time, it’s suspected that, towards the aim of building one other trade, the precise impact will probably be very small and trigger confusion and negative effects available in the market.
Particularly, specialists agree that ’12-hour buying and selling’, the largest attribute of different trades, generally is a double-edged sword.
As home inventory buying and selling hours, which have been restricted to 8am to three:30pm, when most workplace staff work, have been prolonged to 8am to 8pm, it’s positively seen that chance and comfort of buyers within the capital market. increasing.
Nonetheless, there are considerations that as buying and selling hours enhance, market volatility might enhance and totally different results might happen. Lengthy buying and selling durations are inclined to encourage short-term buying and selling as a result of they provide buyers extra alternatives to react to even small fluctuations available in the market.
Kim Dae-jong, professor of enterprise administration at Sejong College, stated, “Firm efficiency bulletins, world occasions and information are anticipated to be mirrored in inventory costs in actual time, inflicting speedy market fluctuations.”
Professor Lee Jun-seo of Dongguk College stated, “We can’t rule out that ‘high-frequency buying and selling’ might enhance, it could disrupt the market,” stated e, “Monetary authorities should make clear the idea of high-frequency buying and selling. and managing the negative effects.” “It burdened him out.
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It’s possible that securities corporations will see a discount in charges by the introduction of different exchanges, however it isn’t clear whether or not the advantages will probably be handed on to buyers. It’s because a securities firm will not be obliged to scale back the fee it expenses buyers simply because it has lowered transaction prices.
Consultants imagine that the graceful efficiency of the ‘finest efficiency obligation’ is the important thing to the success or failure of one other trade itemizing.
The most effective efficiency obligation is the duty of securities corporations, and so on., to execute transactions below probably the most favorable situations for purchasers when processing buyer orders. Securities corporations should put together and announce requirements prematurely to execute investor orders below the perfect situations and submit orders by selecting a market between Korea Trade and Nexttrade based on these requirements. Since Korea is a single market, though the perfect execution obligation was launched within the Capital Markets Act, it was by no means applied.
Professor Lee Jun-seo from Dongguk College stated, “Numerous upheavals are anticipated throughout the preliminary settlement course of for different exchanges, however in the long term, the revival of trade competitors could have a optimistic influence available on the market. unique confusion service available in the market by clearly designing guidelines associated to the perfect efficiency.” “It needs to be accomplished,” he stated.
2024-05-26 10:47:56
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