- Member Qualifications
- Entities holding licenses for engaging in investment trading or investment brokerage businesses under Article 12(1) of the Financial Investment Services and Capital Markets Act are eligible to join the Exchange
- Member Types
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Members are classified into seven different types based on the market scope and financial investment products they can engage in: Securities member, Equity securities member, Collective investment securities member, Debt securities member, Derivatives member, Equity derivatives member, and Currency-interest rate derivatives member.
- Securities member: Engages in securities trading in the securities market.
- Equity securities member: Engages in equity securities trading in the securities market.
- Collective investment securities member: Engages in collective investment securities trading in the securities market.
- Debt securities member: Engages in debt securities trading in the securities market.
- Derivatives member: Engages in exchange-traded derivatives trading in the derivatives market.
- Equity Derivatives member: Engages in exchange-traded derivatives trading with equity securities as underlying assets in the derivatives market
- Currency-interest rate derivatives member: Engages in exchange-traded derivatives trading with currency products as underlying assets in the derivatives market.
- Members are divided into settlement members and trading members based on their responsibility for settlement execution.
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- Settlement members: Settle the trading of securities or exchange-traded derivatives in their own name or those entrusted by trading members.
- Trading member: Entrust the settlement of securities or exchange-traded derivatives trading in their own name to settlement members.
- Member Rights and Responsibilities
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Member Rights and Responsibilities Settlement member Trading member Rights Trade securities or exchange-traded derivatives in the securities and derivatives markets Settle the trading of securities or exchange-traded derivatives in the securities and derivatives markets Sign the consignment settlement contract Obligations Pay contributions to the default fund Pay trade fees Place deposits Comply with laws and regulations (e.g., Financial Investment Services and Capital Markets Act, and Membership Management Rules) Comply with the principles of fairness and good faith Maintain the membership admission requirements (e.g., the net capital ratio and prudential management ratio) Report financial status (e.g., the net capital ratio report and business report) Submit reports and materials as required by the Exchange - Member Signup Process
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Working-level discussions about membership → Membership application (with documents required for membership review) →
Membership review (via documents and on-site inspection) → Report on membership review results → Board of Directors’ decision →
Payment of membership fee and deposit → Membership registration - Membership Requirements
- Meet financial requirements.
- (Have adequate facilities (e.g., computer equipment) for the smooth conduct of business.
- Possess sufficient manpower with the necessary expertise and soundness to carry out the business as a member.
- Demonstrate sufficient social credit.
- At least three years must have elapsed from the date of voluntary withdrawal.
※ Trading members among financial investment business entities are not subject to the equity securities requirements<Financial Requirements for Members> Member Type Financial Requirement Financial Investment Business Entity Securities member and Derivatives member Equity Capital of 40 billion KRW or more Net capital ratio of 100% or more under Article 3-6(3) of the Regulations on Financial Investment Business Securities member and Equity derivatives member Equity Capital of 30 billion KRW or more Securities member Equity Capital of 20 billion KRW or more Derivatives member Equity Capital of KRW 30 billion or more Equity derivatives member and Currency-interest rate derivatives member Equity Capital of KRW 20 billion or more Equity securities member, Collective investment securities member, and Debt securities member Equity Capital of KRW 10 billion or more Other Equity Capital of KRW 30 billion or more Concurrently-run Financial Investment Entity Bank Prudential management ratio equivalent to or more than the level stated in Article 26 of the Regulations on Supervision of Banking Business Merchant bank Prudential management ratio equivalent to or more than the level stated in Article 8-41 of the Regulations on Financial Investment Business
- All Charges for Membership Registration
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All Charges for Membership Registration Type Settlement Member Trading Member Refund upon Withdrawal Membership fee O O Non-refundable Default fund O X Refundable Deposit O O Refundable - Membership fee
- The amount determined by the board of directors.
- Default fund
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- Securities member (including equity securities members and collective investment securities members)
Basic Contribution: KRW 1 billion
Dynamic Contribution: Calculated each quarter based on the percentage of the member's trade volume in the securities market. - Debt securities member
Treasury Bond Specialized Dealer: Amount equivalent to 1/2 of the basic contribution (KRW 500 million)
Debt Securities Specialized Member (other than specialized dealers): Amount equivalent to 1/4 of the basic contribution (KRW 2.5 million) - Derivatives member (including Equity derivatives member and Currency-interest rate derivatives member)
Basic Contribution: KRW 1 billion (KRW 500 million for Currency-interest rate derivatives member)
Dynamic Contribution: Calculated each quarter based on the percentage of the member's trade margin in the derivatives market.
- Securities member (including equity securities members and collective investment securities members)
- Deposit
- The amount is determined by the board of directors, with the lowest limit set at KRW 1 million.
- Qualifications and Types of OTC Derivatives Clearing Members
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- Member Qualifications
- Entities holding licenses for engaging in investment trading of OTC derivatives.
- Member Types
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- General Clearing Member: Engages in clearing in their own name for both direct and entrusted clearing transactions.
- Direct Clearing Member: Engages in clearing in their own name for direct clearing transactions.
- Obligations of OTC-Derivatives Clearing Member
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- Make contributions to the OTC derivatives default fund
- Maintain the membership requirements for clearing member
- Comply with laws and regulations (e.g., the Financial Investment Services and Capital Markets Act and the OTC Derivatives Clearing and Settlement Business Regulation)
- Comply with the principles of due diligence and good faith
- Pay clearing fees
- Report financial status (e.g., reports on equity capital and capital ratio)
- Submit reports and materials as required by the Exchange
- Sign-up Process for OTC-Derivatives Clearing Members
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Working-level discussions about membership → Membership application (with documents required for membership review) →
Membership review (via documents and on-site inspection) → Report on membership review results → Board of Directors’ decision →
Payment of membership fee and deposit → Membership registration - Membership Requirements
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- Meet financial requirements.
- Have adequate facilities (e.g., computer equipment) for the smooth conduct of business.
- Possess sufficient manpower with the necessary expertise and soundness to carry out the business as a member.
- Demonstrate sufficient social credit.
<Financial Requirements for Members> Type General clearing Member Direct clearing member Bank that runs financial investment business concurrently Equity Capital of KRW 500 billion or more under Article 2(1) of the Regulations on Supervision of Banking Business Equity Capital of KRW 50 billion or more under Article 2(1) of the Regulations on Supervision of Banking Capital ratio is equivalent to or more than the level stated in Article 34 Paragraph 1(1) of the Regulations on Supervision of Banking Business Non-banking financial investment business entity Equity Capital (total capital in the separate financial statement) of KRW 500 billion or more Equity Capital (total capital in the separate financial statement) of KRW 50 billion or more Net operating capital ratio stated in Article 30(1) of the Financial Investment Services and Capital Markets Act is equivalent to or more than the level set forth in Article 166-2 Paragraph 1(3) of the Act.
Net capital ratio stipulated in Article 3-6(3) of the Regulations on Financial Investment is 100% or more. - All Charges for Membership Registration
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- Membership fee: Amount determined by the Board of Directors’ resolution
- Default fund
Basic Contribution: KRW 100 million
Dynamic Contribution: Calculated based on the ratio of net risk clearing margin