On the morning of September 14, execution inquiries for some buy and sell orders on Mirae Asset Securities’ premarket were delayed.
The issue occurred while checking order status on the screen, and reports said that regular-session trading after the premarket ended was no different from usual.
It is necessary to examine what changes the KRX after-market and SOR review, which began on the same day, may have created in the order transmission route.
3-Line Summary
1. Some execution inquiries at Mirae Asset Securities were delayed
2. The premarket runs from 8:00 a.m. to 8:50 a.m.
3. The order route and execution inquiry must be distinguished
Inquiries Were Delayed From 8:00 a.m. to 8:50 a.m.
Yonhap News reported that on the morning of September 14, execution inquiries for some premarket buy and sell orders were delayed on Mirae Asset Securities’ home trading system (HTS) and mobile trading system (MTS). This premarket is operated by the alternative trading system NextTrade (NXT), and its trading hours are from 8:00 a.m. to 8:50 a.m.
Mirae Asset Securities announced that execution inquiries for some customers were being processed with delays and that it would take action to provide normal service. The scope confirmed in the reports is a delay on the screen used to check execution results. It is not possible to determine the status of each individual order.
When execution inquiries are delayed, it may be difficult to immediately determine whether an order already submitted has been processed. However, it is important in this situation to recognize that order submission, actual execution, and the execution result displayed on the HTS or MTS may be separate stages.
An NXT SOR File Issue Was Identified as the Cause
A relevant source quoted by Yonhap News identified an issue with a file related to the best-execution system provided by NXT, namely SOR, as the cause. SOR is a system that allocates orders among exchanges. Since this is an explanation from a source, the cause cannot be considered finally confirmed.
On the same day, the Korea Exchange (KRX) opened an after-market where real-time trading is available from 4:00 p.m. to 8:00 p.m. Yonhap News reported that industry sources had raised the possibility of confusion during the expansion and modification of securities firms’ systems as the SOR application period was extended from the existing 3:30 p.m. to 8:00 p.m.
Mirae Asset Securities 안내 that, during the SOR review, regular-session orders would be transmitted to KRX. In the after-market, it stated that orders would be transmitted to NXT from 3:30 p.m. to 4:00 p.m. and to KRX from 4:00 p.m. to 8:00 p.m. Even if trading hours have been extended, orders do not always go to the same market.
Regular-Session Trading Proceeded Normally After the Premarket Ended
According to a Yonhap News report, regular-session trading after the premarket ended was expected to proceed without problems. The Yonhap News article published on Daum also reported that the issue users noticed was resolved when the premarket ended and that trading proceeded as usual from the regular session onward.
However, the report stated that the SOR system was operating under restrictions at the time. The resolution of the execution inquiry delay does not mean the same thing as the completion of the SOR review. In this case, the key point is to check both the execution inquiry status on the trading screen and the announced market for order transmission.
References
Tags #MiraeAsset #MiraeAssetSecurities #Premarket #ExecutionInquiry #OrderDelay #HTS #MTS #NextTrade #NXT #SOR #BestExecution #KRX #AfterMarket #StockTrading