- The Korea Futures Exchange (KOFEX), the only total derivatives exchange in Korea, commemorates the fourth anniversary of its opening on Wednesday, April 23, 2003.
- KOFEX will be closed on May 1, Labor Day.
The Korea Futures Exchange (KOFEX), the only total derivatives exchange in Korea, commemorates the fourth anniversary of its opening on Wednesday, April 23, 2003.
KOFEX opened in Busan, a southeast port city in Korea, in 1999, to begin a new era of Korea's futures market. Originally four products were offered - US Dollar Futures, CD Interest Futures, Gold Futures, and US Dollar Options. And currently KOFEX has nine products listed on its electronic platform including five additional products listed during the 4-year period - 3-yr Korea Treasury Bond Futures, KOSDAQ50 Index Futures, KOSDAQ50 Index Options, Options on 3-yr KTB Futures and 1- yr Monetary Stabilization Bond Futures.
Since it's opening, KOFEX has achieved stable market operation, and has thus gained the trust of both domestic and foreign investors. Furthermore, the exchange's volume has consistently risen, ranking 20th among the world futures exchanges in 2001, and moving up to 18th in 2002. KOFEX was ranked 30th in 2000. Yet further growth is expected, as the KOSPI200 Index Futures/Options and Individual Stock Options will be listed on KOFEX in 2004. With these additional listings, it is anticipated that the exchange will stand shoulder- to-shoulder with the world's top exchanges, in terms of growth.
Institutional investors, including banks and investment trust companies accounted for 64.4 % of overall trading during the fourth year, followed by FCMs with 20 %. Furthermore, overseas investors have gradually increased their participation in the futures market posting 6.1 % during the fourth year from just 0.8 % during the first year.
History of KOFEX
1999
- Feb. 1 Incorporation of the Korea Futures Exchange
- Apr. 23 Official Opening of the KOFEX Market
- USD/KRW Futures & Options, CD Futures, Gold Futures
- Jul. 20 Set a daily volume of more than 10,000 contracts
- Aug. 2 Lowering Initial Margin for USD/KRW Futures
- KRW 5 million KRW 3 million
- Sep. 29 Listing KTB Futures
- Dec. 19 Reaching more than one million contracts in terms of cumulative volume
- Jun. 12 Reaching more than two million contracts in terms of cumulative volume
- Aug. 1 Opening the futures market to mutual fund
- Aug. 14 Lowering Initial Margin for USD/KRW Futures and KTB Futures
-
.
- USD/KRW Futures: KRW 3 million KRW 2.5 million .
- KTB Futures: KRW 2.5 million KRW 2 million
- Nov. 11 Set a daily volume of more than 30,000 contracts
- Jan. 30 Listing KOSDAQ50 Futures
- Feb. 21 Set a daily volume of more than 50,000 contracts
- Aug. 31 Reaching more than ten million contracts in terms of cumulative volume
- Sep. 25 Signing MOUs with TIFFE
- Oct. 11 Set a daily volume of more than 100,000 contracts
- Oct. 12 Signing MOUs with SHFE
- Dec. 10 Introducing Block Trading in USD/KRW futures market
- Dec. 14 Listing KOSDAQ50 Options
- Apr. 18 Reaching more than twenty million contracts in terms of cumulative volume
- May 10 Listing Options on KTB futures
- Jun. 28 Lowering Initial Margin of KTB futures, USD/KRW futures and
KOSDAQ50 futures
- KTB futures: KRW 2 million KRW 1.7 million
- USD/KRW futures: KRW 2.5 million KRW 2 million
- KOSDAQ50 futures: KRW 4 million KRW 3 million
- Oct. 22 Signing MOUs with CME
- Nov. 27 Signing MOUs with TAIFEX
- Dec. 5 Signing MOUs with NFA
- Dec. 26 Reaching more than thirty million contracts in terms of cumulative volume
- Jan. 24 Operation of the Comprehensive Monitoring System
