KRA is the primary equities exchange in Korea.
Currency: South Korean Won (KRW)
The Periodic Call Auction is a method of trading to be used when it is necessary to form price balance through the concentration of demand and supply. It receives offers and bids for a certain time and then trading is concluded in a single price with priority among offer prices in accordance with price-time priority.
In case of Periodic Call Auction, trading is concluded according to price-time priority, but as far as opening price formation in the upper or lower limit price, the allocation of concluded quantities shall be made in sequence from the largest quantities of an offer price to the smallest ones on the basis of quantity priority (see the following list), while allocation in other cases shall be made in time priority.
If the opening price is determined as KRW20,150 (the upper price limit), for instance, quantities at the selling offer price shall be allocated according to quantity priority between buying offers at the upper price limit.
The single price auction determines the closing price on KOSDAQ using price-time priority.
Market on Close orders are treated as priced at most recent market price. If there are more aggregated offer market orders, the market on close orders are treated as priced at one tick lower than the most recent market price. If there are more aggregated bid market orders, the market on close orders are treated as priced at one tick above the most recent market price.
The total quantity of offer order priced lower than the match price (closing price) and the total quantity of bid order priced higher than the match price is matched and executed.
For orders quoted at the match price, the total quantity of either bid or offer quotation is matched. Of the quantity in excess of the quantity of the other side, the quantity in excess of the quantity of the trading unit of the concerned issue is matched.
In cases where there are more than two matched prices, the price that is equal to the most recent market price shall be the match price. If there is no price that is equal to the most recent market price, the price that is closest to the most recent market price shall be the match price.
Order input period (14:50 - 15:00): if the reopening of the market falls within 20 minutes before market closing time (15:00). The order acceptance period for the closing auction is from the reopening time to the market closing time.
Order matching (15:00)
For more information on the rules governing the KRX auctions and trading, see the Regulations page.