Crisis Management for a Conflict with North Korea

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'15%룰'에 걸린 NXT…한국거래소, 수수료 인하 카드 '만지작'

NXT Caught by the 15% Rule… Korea Exchange Mulls Fee Reduction Move

Hankyung | Local Language | News | Aug. 29, 2025 | Regulation

The Korea Exchange (KRX) is internally considering reducing its stock trading fees for the first time since 2012, in response to growing competition from the alternative trading system NextTrade (NXT). Currently, KRX's fees are 20–40% higher than NXT’s, with KRX charging 0.0023% per transaction compared to NXT’s 0.00134–0.00182%. NXT’s market share has nearly doubled in four months, reaching 15.87% of KRX's average daily trading volume by August 26, 2025.

The fee reduction aims to help the Korea Exchange regain market share lost to NXT and mitigate issues arising from the "15% rule," which limits NXT’s trading volume to 15% of KRX’s average daily volume. NXT has preemptively halted trading in multiple stocks, including 26 currently and 53 more scheduled to be added, to comply with this rule. The surge in NXT trading has also led to increased trading halts on certain stocks, a problem that fee cuts at KRX could help alleviate.

An automatic order-transmission system (SOR) directs trades to exchanges offering better conditions, favoring NXT due to its lower fees. Institutional investors, who handle large transactions, often place orders during the pre-market session to benefit from NXT's cheaper fees. A fee reduction at KRX could shift some trading volume back, easing pressure on NXT and reducing trading halts.

If implemented, the fee cut would be reviewed by the Market Efficiency Committee under the Financial Services Commission. While some view current trading halts as temporary market reactions to recent government policy changes, the increasing number of halted stocks strengthens the case for fee reduction. However, KRX officials emphasized that fee cut discussions are still at the idea stage with no decisions made. Financial authorities also express concern that such a move could weaken NXT’s competitiveness, as NXT is reportedly only marginally profitable.

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