Products/Services _ Stock Trading
Trade executions
   Multiple orders competing for trade execution are matched by the exchange system based on price priority and time priority

   Price priority: the lower offers have priority over higher offers and the higher bids have priority over lower bids

   Time priority: in case of orders placed at the same price, first-in orders have priority over later-in orders

Price Priority vs. Time priority

☞ As shown in the table above, bid quotation ① and ask quotation ① is executed first in accordance with
      price priority. Also, among quotations at the same price, quotation ②, which was received earlier,
      is executed before quotation ③.

   LSX adopts auction market which is divided into:

  • Call Auction:all buy and sell orders are pooled together for certain period of time and matched at a single price.
    • » applied for determining the opening and closing prices.
Executions based on Call Auction method

  • Continuous Auction:best bid and offer orders are matched continuously according to trade execution principle; the transactions are made continuously at multiple prices.
    • » applied for regular trading hours.
Executions under the Continuous Auction method
Executions under the Continuous Auction method

  • Determination of the Base-Price for initially listed Stocks
    • Decided on the first trading day.
    • Determined by Call Auction method with quotations received during the quotation receiving hours (08:30 ~ 09:00) before the market open.
    • Within 90%~200% of the public offering price.
  • Date of Action for Ex-dividends, etc.
    • The date of action for ex-dividends or ex-rights shall be one (1) day prior to the record date (based on trading days) on which a person who exercises the right is determined.
  • Trading Fee
    Calculation method
    • Fee is levied by LSX on the amount of value of trade settled at the rate noted in the following items:
      a. Stocks: 15/10,000; and
      b. Bonds: 1.5/10,000.
    • Payers: LSX's member firms.
    • Time of Payment: 2:00 pm on the settlement day.
  • Brokerage commission
    • When a trade has been executed, customers (Investors) shall pay less than 3/100 of trading value to securities companies.