As the KOSPI index fell more than 5% during morning trading on the 7th, the Korea Exchange (KRX) triggered a sell-sidecar (suspension of the effectiveness of sell quotes in program trading).
The exchange triggered a sell-sidecar on the stock market at 10:23 a.m. that day. It was the 32nd sidecar this year. So far, sell-sidecars have been triggered 16 times and buy-sidecars 16 times.
At the time the sidecar was triggered, the KOSPI 200 futures index was down 5.12% from the previous trading day at 1,227.32 points. At 10:23 a.m., the scale of program trading transactions reached 1.1856 trillion won.
On the stock market, a sidecar is a system that restricts 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. In a surge, buy quotes are temporarily suspended; in a plunge, sell quotes are temporarily suspended.