▲ The Korea Exchange's (KRX) building in western Seoul is seen in this undated file photo. (Yonhap)

KRX-trading hours

KRX to delay launch of 12-hour trading to Sept.

SEOUL, March 17 (Yonhap) -- South Korea's main bourse operator, the Korea Exchange (KRX), said Tuesday it will delay the launch of pre- and after-hours trading by three months to September.

The decision was made as the KRX accepted local brokerages' request for more time to test and establish systems needed to accommodate extended trading hours, the KRX said in a release.

The bourse operator had been pushing to extend trading hours to 12 hours by introducing pre- and after-hours sessions by June 29. Currently, trading on the KRX runs for 6 1/2 hours from 9 a.m. to 3:30 p.m.

The expansion was aimed at boosting competitiveness against other global exchanges, including the New York Stock Exchange, which are taking steps to extend trading hours.

But the plan from the KRX had faced criticism from local brokerages and labor groups in the financial investment sector, which raised concerns of overwork and increased operating costs.

They also pointed out that the timeline of the trading hours extension was too tight to build related information technology (IT) systems.

Recently, South Korea's business lobby for the financial investment industry, the Korea Financial Investment Association (KOFIA), delivered a formal letter to the KRX outlining these concerns.

The bourse operator held a meeting with its member brokerages earlier this month and said it could review rescheduling the introduction of extended trading hours.

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