(LEAD) Volatility controls spike in 1st day of after-hours trading on Korea Exchange(导语)韩国交易所盘后交易首日波动率控制激增
SEOUL, Sept. 15 (Yonhap) -- Volatility jumped and price control mechanisms were ...

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SEOUL, Sept. 15 (Yonhap) -- Volatility jumped and price control mechanisms were activated at a much higher level on the first day of after-hours trading on the Korea Exchange (KRX), according to the bourse operator Tuesday.
The KRX launched the after-hours trading from 4 p.m. to 8 p.m. Monday as it seeks to raise global competitiveness and expand trading opportunities for investors.
A total of 72.24 million shares worth 1.8 trillion won (US$1.3 billion) were traded during the four-hour session, compared with some 905 million shares worth 25.8 trillion won traded during Monday's regular trading session.
During the after-hours trading, so-called volatility interruption (VI) mechanisms were activated 1,637 times, compared with 400 times during the regular trading session.
Excluding duplicate cases in which static and dynamic VIs were triggered simultaneously, the figures were 1,112 times during after-hours trading and 391 times during regular trading.
The VI is a mechanism that temporarily switches a stock to a single-price auction for about two minutes when its price moves sharply within a short period, in an effort to curb excessive volatility.
The Korea Exchange begins operating an after-hours trading session on Sept. 14, 2026. (Yonhap)
Market watchers attributed the surge in volatility to a lack of liquidity as the KRX expanded the number of stocks available for after-hours trading to 2,459 from 606 on NXT's after-hours market.
Most stocks listed on the Korea Composite Stock Price Index and the KOSDAQ markets are available for trading during the after-hours session.
However, investors are banned from trading exchange-traded funds and exchange-traded notes during the four-hour session, given concerns about market volatility, the KRX said.
Despite the sharp increase in VI activations, the KRX said prices were generally formed in a stable manner. The average high-low volatility by stock was 2.9 percent for KOSPI stocks and 4.6 percent for KOSDAQ stocks during after-hours trading, compared with 4.1 percent and 5.8 percent, respectively, during regular trading.
The KRX said it had applied the same VI thresholds used during regular trading to the after-hours market for stable operations, though after-hours markets generally have lower liquidity and greater volatility.
"We will closely monitor market conditions and actively gather market feedback to help the after-hours market settle in," the bourse operator said in a release. (END)
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(LEAD) Volatility controls spike in 1st day of after-hours trading on Korea Exchange
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首尔,9月15日(韩联社)——据韩国交易所(KRX)周二表示,在韩国交易所(KRX)盘后交易的第一天,市场波动性急剧上升,价格控制机制的启动程度也高得多。
韩国交易所(KRX)于周一下午 4 点至晚上 8 点推出盘后交易,旨在提高全球竞争力,并为投资者扩大交易机会。
在四个小时的交易时段内,共成交 7224 万股,成交额达 1.8 万亿韩元(13 亿美元),而周一的常规交易时段则成交了约 9.05 亿股,成交额达 25.8 万亿韩元。
在盘后交易期间,所谓的波动性中断(VI)机制被激活了 1,637 次,而正常交易时段则激活了 400 次。
排除静态和动态 VI 同时触发的重复案例,盘后交易期间发生 1,112 次,正常交易期间发生 391 次。
波动指数机制(VI)是一种在股票价格短时间内剧烈波动时,暂时将股票价格切换到单一价格拍卖约两分钟的机制,旨在抑制过度波动。
韩国交易所将于2026年9月14日开始实行盘后交易。(韩联社)
市场观察人士将波动性激增归因于流动性不足,因为韩国交易所 (KRX) 将 NXT 盘后市场可供盘后交易的股票数量从 606 只增加到 2459 只。
韩国综合股价指数和韩国创业板市场的大部分股票都可以在盘后交易时段进行交易。
韩国交易所表示,鉴于市场波动性,投资者被禁止在四小时交易时段内交易交易所交易基金和交易所交易票据。
尽管波动指数(VI)激活次数大幅增加,但韩国交易所(KRX)表示,价格总体上保持稳定。盘后交易期间,韩国综合股价指数(KOSPI)股票的平均最高价-最低价波动率为2.9%,韩国创业板指数(KOSDAQ)股票的平均最高价-最低价波动率为4.6%,而正常交易时段的相应数据分别为4.1%和5.8%。
韩国交易所表示,为了保证盘后市场稳定运行,已将正常交易时段使用的波动率阈值应用于盘后市场,尽管盘后市场的流动性通常较低,波动性较大。
交易所运营商在一份声明中表示:“我们将密切关注市场状况,并积极收集市场反馈,以帮助盘后市场稳定下来。”(完)
周二上午晚些时候,股市走势平稳,投资者正在消化人工智能高管发出的警告。
韩国交易所(KRX)首个盘后交易日成交额达1.8万亿韩元。
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(导语)韩国交易所盘后交易首日波动率控制激增