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Finance

Brokerages\' Q2 net profit tops 5.2 trillion won, up 82 percent on stock market boom

South Korean brokerages posted more than 5 trillion won in net profit in the second quarter, helped by a strong stock market and higher trading value. Net profit at 61 brokerages rose 20.0 percent from the previous quarter to 5.19 trillion won, up 82.1 percent from a year earlier. Commission income increased 32.5 percent, led by brokerage fees. Wealth management, investment banking and proprietary trading earnings also improved.

Finance

KRX to launch after-hours market, trading until 8 p.m. from Sept. 14

The Korea Exchange (KRX) will operate an after-hours market from Sept. 14, allowing real-time stock trading until 8 p.m. after the regular session ends. The exchange said it revised rules for its KOSPI and KOSDAQ markets and that 38 brokerages, representing 95.2 percent market share, plan to participate. Existing after-hours single-price trading will be abolished and replaced by continuous matching from 4 p.m. to 8 p.m.

Finance

Goldman Sachs, CLSA join Nextrade as foreign brokers expand participation

Goldman Sachs Securities and CLSA Korea Securities will join alternative trading system Nextrade, the operator said on Aug. 31. Nextrade approved membership for Goldman Sachs Securities Co’s Seoul branch and CLSA Korea Securities on Aug. 28. The two firms plan to complete procedures, including building a smart order routing system, within this year before starting trading. Nextrade’s member brokerages increased to 38.