What is NexTrade?
NexTrade (NXT) is Korea's first Alternative Trading System (ATS), launched on March 4, 2025. It ended the Korea Exchange's (KRX) 70-year monopoly as the country's sole stock exchange.
NexTrade was established by a consortium of major Korean brokerages and the Korea Financial Investment Association (KOFIA).
Official Website: nextrade.co.kr (Korean only)
Trading Hours
NexTrade's key advantage is its 12-hour trading window, nearly double the KRX's 6.5-hour regular session.
| Session | NexTrade (NXT) | KRX (Main) |
|---|---|---|
| Pre-market | 08:00 – 08:50 KST | 08:00 – 09:00 KST |
| Regular / Main | 09:00 – 15:20 KST | 09:00 – 15:30 KST |
| After-hours | 15:40 – 20:00 KST | 15:40 – 16:00 KST |
| Total | 12 hours | ~7 hours |
Note: There are breaks between NexTrade sessions (08:50–09:00 and 15:20–15:40).
Tradable Securities
NexTrade trades securities already listed on KRX (KOSPI and KOSDAQ).
- Available stocks: ~630 stocks, selected by market cap and trading volume
- Future plans: ETFs and ETNs expected to become tradable
Fees
NexTrade uses a maker-taker fee model, 20–40% cheaper than KRX:
| Fee Type | NexTrade | KRX |
|---|---|---|
| Maker | 0.0013% | 0.0023% |
| Taker | 0.0018% |
Order Types
| Order Type | Description | Available Sessions |
|---|---|---|
| Limit Order | Standard price-specified order | All sessions |
| Best Limit | Executes at best available price | Pre-market, After-hours |
| Mid-point Order | Executes at midpoint between bid and ask | Main session only |
| Stop-limit Order | Triggers limit order at specified price | Main session only |
| Market IOC/FOK | Immediate-or-Cancel / Fill-or-Kill | Main session only |
Smart Order Routing (SOR)
Brokerages use Smart Order Routing to automatically compare prices on both KRX and NexTrade, routing orders to the better venue.
Market Safety Mechanisms
| Mechanism | NexTrade | KRX |
|---|---|---|
| Daily Price Limit | ±30% | ±30% |
| Circuit Breaker | 30-min halt | 20-min halt |
| Settlement | T+2 | T+2 |
| Short Selling | Restricted in pre/after hours | Allowed in regular session |
Key Differences from KRX
| NexTrade (NXT) | KRX | |
|---|---|---|
| Established | 2025 | 1956 |
| Type | Alternative Trading System | Primary Exchange |
| Trading Hours | 12 hours | ~7 hours |
| Listings | None (trades KRX stocks) | Full listing capability |
| Exchange Fees | 0.0013–0.0018% | 0.0023% |
Note: NexTrade is a new and evolving system. Always confirm current details with your brokerage or the NexTrade website.