The new systems, developed in conjunction with Cinnober on the trading side and the Korea Exchange in clearing, provide cross-asset class trading efficiently and can support multi-currency and multi-market trading.
But it was the clearing system that won the judges praise in particular. The TCS clearing system is a customised platform based on the Exture+ clearing system currently used by KRX.
The project was divided into two phases: Phase 1 for derivatives and Phase 2 on the cash market.
“It was a real challenge for all the developers as well as for the business users who participated in this project to go through all of these procedures without a break. The efforts and energy that were put into this project were not just double but exponential,” says Honghee Shin, executive director, global business development at KRX.
“We had to satisfy both the adverse reaction of these users as well as meeting their expectations for the new system, which we think is one of our key strengths. We acknowledge that each market has its peculiarities and we try to fully respect them, customising and localising our solutions,” says Shin.
KRX is now looking to work with other exchanges to implement its technology on a collaborative and bespoke basis.
“If our customer has their own market and business practices, we adjust our KRX clearing system to them, so it can accomodate the previous system’s practices seamlessly.
KRX offers a full suite of IT products across the exchange infrastructure from post trade for derivatives to trading systems for cash markets and surveillance systems and beyond.
For more information, contact:
Executive Director, Global Business
+82 2 3774 4202
Senior Manager, Global Business Development
+82 2 3774 4214
Hugo H. Yoo
Deputy Manager, Global Business Development
+82 2 3774 4215