Korea Exchange (KRX) triggered a temporary suspension of program sell orders (sell sidecar) on the 23rd after the KOSPI and KOSDAQ indexes plunged more than 4%.
The exchange triggered a sell sidecar on the KOSDAQ market at 11:37 a.m. that day. Three minutes later, at 11:40 a.m., it triggered a sell sidecar on the main board.
It was the 15th sidecar triggered on the KOSDAQ market this year. The main board recorded its 27th sidecar.
At the time of the sidecar, the KOSPI 200 futures index was down 5.12% from the previous trading day at 1,407.54 points. As of 11:40 a.m., program trading volume reached 2.2508 trillion won.
The KOSDAQ 150 futures index was down 6.01% from the previous trading day at 1,667.80 points, and the KOSDAQ 150 index was down 5.33% at 1,653.67 points. As of 11:37 a.m., program trading volume was 38 billion won.
On the main board, a sidecar is a system that limits program trading quotes for five minutes if the KOSPI 200 futures price rises or falls by 5% or more from the previous closing price for one minute. During a surge, bid quotes are temporarily suspended; during a plunge, ask quotes are temporarily suspended.
On the KOSDAQ market, a sidecar was triggered when the KOSDAQ 150 futures index fell 6% or more from the previous day and the KOSDAQ 150 index fell 3% or more, sustained for one minute.