2025年經濟領域重大問題解決會

今年，韓國上市和非上市股票、衍生性商品和代幣證券（ST）等各種資本市場投資產品的交易市場預計將比以往更加多樣化。

The Financial Services Commission will diversify the domestic investment product distribution platform within the year. In March, the Alternative Trading System (ATS), a multilateral trading facility for listed stocks, will be launched. Once ATS is operational, investors can choose between the Korea Exchange (KRX) and ATS to execute their stock orders. This will break the monopoly of the Korea Exchange on securities trading that has lasted for over 70 years since 1956.

金融服務委員會將在年內實現國內投資產品分銷平台的多元化。 3月份，上市股票多邊交易工具另類交易系統（ATS）將啟動。一旦 AT​​S 投入運行，投資者可以選擇在韓國交易所 (KRX) 和 ATS 之間執行股票訂單。這將打破韓國交易所自1956年以來持續70多年的證券交易壟斷。

The financial authorities plan to allow over 800 highly liquid KOSPI and KOSDAQ stocks to be traded through ATS. The trading hours of ATS will be from 8 AM to 8 PM, which is 5 hours and 30 minutes longer than the existing KRX. The authorities believe that the introduction of a multiple exchange system could lead to lower transaction fees due to competition between exchanges.

金融當局計劃允許 800 多種高流動性的 KOSPI 和 KOSDAQ 股票透過 ATS 進行交易。 ATS的交易時間為上午8點至晚上8點，比現有的KRX長5小時30分鐘。當局認為，由於交易所之間的競爭，引入多種交易所繫統可能會導致交易費用降低。

In June, the domestic night market for derivatives will be launched. The existing night derivatives market is not a domestic market but is structured to trade in conjunction with the European derivatives exchange EUREX. The government plans to introduce a domestic system with the same structure as the existing system in cooperation with the Korea Exchange.

6月，國內衍生性商品夜市將上線。現有的夜間衍生性商品市場不是國內市場，而是與歐洲衍生性商品交易所 EUREX 共同進行交易。政府計劃與韓國交易所合作，引入與現有系統結構相同的國內系統。

This night market will support the trading of 10 products for a total of 12 hours from 6 PM to 6 AM the next day. The existing market supports the trading of 5 products for 11 hours. The Financial Services Commission has been promoting the opening of the night market by advancing the opening of the derivatives market by 15 minutes (8:45 AM) since July 31, 2023.

本次夜市將支援10種產品的交易，從下午6點到隔天凌晨6點，共12小時。現有市場支援5種產品交易11小時。自2023年7月31日起，金融服務委員會一直透過將衍生性商品市場開市時間提早15分鐘（上午8點45分）來推動夜市開市。

Various capital market investment product-related markets and systems, which are still operated as sandboxes, will also be formally institutionalized. Token Securities (ST) and unlisted stock and fractional investment trading platforms will each be formally institutionalized. ST is a security issued in token form using blockchain technology. Various rights such as intellectual property (IP) and artworks can be tokenized and traded. A fractional investment platform that allows multiple people to invest in specific assets by formally issuing non-monetary trust beneficiary securities will also be institutionalized.

仍以沙箱形式運作的各類資本市場投資產品相關市場及體係也將正式製度化。代幣證券（ST）以及非上市股票和部分投資交易平台將分別正式製度化。 ST是一種利用區塊鏈技術以代幣形式發行的證券。智慧財產權（IP）和藝術品等各種權利可以代幣化和交易。透過正式發行非貨幣信託受益證券，讓多人投資特定資產的部分投資平台也將制度化。

The Financial Services Commission has been promoting the institutionalization of ST and fractional investment platforms since 2023. Although related law amendments have been submitted to the National Assembly, they have not been prioritized for discussion. The Financial Services Commission extended the period for revising related laws for unlisted stock trading platforms by 6 months in September last year.

金融委員會自2023年以來一直在推動ST和部分投資平台的製度化。去年9月，金融委員會將非上市股票交易平台相關法律的修改期限延長了6個月。

“The sandbox for token securities and fractional investment platforms will expire in June, and the sandbox for unlisted stock platforms will expire in September,” said Kwon Dae-young, Secretary-General of the Financial Services Commission, adding, “We will proceed with the institutionalization process considering this.”

金融服務委員會秘書長 Kwon Dae-young 表示：「代幣證券和部分投資平台的沙盒將於 6 月到期，非上市股票平台的沙盒將於 9 月到期。」考慮到這一點的製度化進程。

The Business Development Company (BDC) will also be introduced. BDC refers to a listed public fund that invests in unlisted venture and innovative companies. The authorities expect that funding for small and venture companies will become more convenient through ST, BDC, and fractional investment.

也將介紹業務發展公司（BDC）。 BDC是指投資於非上市創業和創新企業的上市公募基金。當局預計，透過 ST、BDC 和部分投資，小型風險企業的融資將變得更加便利。