미결제약정수량 보유한도 설명 자료 — English Edition
The English edition of the Korea Exchange's Position Limits on Open Interest — Explanatory Materials, issued by the KRX Derivatives Market Division, Equity Derivatives Market Department. This is the practitioner's guide to how Korea's derivatives position limit regime actually works day to day: how much open interest an investor may hold in each listed product, how options are converted into a futures-equivalent figure through delta conversion, when a member must refuse to accept a customer's order, and how all of this changes on a final trading day. Not available in English elsewhere.
| Product | Limit (contracts) | Individuals |
|---|---|---|
| KOSPI 200 products | 20,000 | 10,000 |
| KOSDAQ 150 products | 20,000 | 10,000 |
| KRX 300 Futures | 20,000 | 10,000 |
| Sector Index Futures | 10,000 | 5,000 |
| Overseas Index Futures | 50,000 | 25,000 |
| Gold Futures | 3,000 | |
A complete English translation of the Korean source document as issued in January 2020. Product coverage and limit quantities are stated as at the Derivatives Market Business Regulation and Enforcement Rules in force in November 2019, as recorded in the source.
The materials are explanatory in nature and not themselves binding; the Derivatives Market Business Regulation and its Enforcement Rules, as amended from time to time, govern in all cases. Article and appended-table references throughout are preserved exactly as in the Korean original.
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It is the maximum open interest — the number of open contracts — that an investor may hold in a given KRX derivatives product. KRX sets the limit for each product (for example, 20,000 contracts for KOSPI 200 products, or 10,000 for individuals) to prevent settlement default, deter manipulation, and avoid the market shock of a large position being unwound at once. The limits sit under Article 154(1) of the Derivatives Market Business Regulation and the related Enforcement Rules.
Options are non-linear, so they are converted into a futures-equivalent figure — the delta-converted quantity — using the delta of each option contract month calculated by KRX, and then aggregated with futures positions. KRX transmits option deltas to members every 30 minutes. The document gives the full formula, including the multiplier ratio that combines standard and mini products, with a worked example.
Where a customer has exceeded the limit: after 10:00 a.m. on the following trading day for KOSPI 200 products, KOSDAQ 150 products and single stock futures and options; intraday in real time for other products. Orders that reduce the position may still be accepted. Final trading days follow different timing, and reported arbitrage and hedge positions are excluded on ordinary trading days but not on a final trading day.
Yes. For brokerage transactions the limit applies on a same-customer basis, so open interest in accounts at multiple member firms is aggregated. Trust property may be separated from the customer's own proprietary property where evidencing documents are submitted, and each collective investment vehicle counts as a single customer.
Yes. KOSPI 200 night-session futures traded on CME Globex are KRX products and are subject to the same limits; EUREX-linked products follow the EUREX regime, but positions not offset there convert into KOSPI 200 open interest through pre-opening negotiated trading on the following day and are then aggregated.
It is a complete, faithful English translation of the Korean text, prepared by H&S Partners, with all tables, formulas and article references reproduced. In case of any discrepancy, the Korean original prevails.
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