2025年经济领域重大问题解决会

今年，韩国上市和非上市股票、衍生品和代币证券（ST）等各种资本市场投资产品的交易市场预计将比以往更加多样化。

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.

金融服务委员会将在年内实现国内投资产品分销平台的多元化。 3月份，上市股票多边交易工具另类交易系统（ATS）将启动。一旦 AT​​S 投入运行，投资者可以选择在韩国交易所 (KRX) 和 ATS 之间执行股票订单。这将打破韩国交易所自1956年以来持续70多年的证券交易垄断。

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.

金融当局计划允许 800 多种高流动性的 KOSPI 和 KOSDAQ 股票通过 ATS 进行交易。 ATS的交易时间为上午8点至晚上8点，比现有的KRX长5小时30分钟。当局认为，由于交易所之间的竞争，引入多种交易所系统可能会导致交易费用降低。

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，国内衍生品夜市将上线。现有的夜间衍生品市场不是国内市场，而是与欧洲衍生品交易所 EUREX 联合进行交易。政府计划与韩国交易所合作，引入与现有系统结构相同的国内系统。

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.

本次夜市将支持10种产品的交易，从下午6点到次日凌晨6点，共计12个小时。现有市场支持5种产品交易11小时。自2023年7月31日起，金融服务委员会一直通过将衍生品市场开市时间提前15分钟（上午8点45分）来推动夜市开市。

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.

仍以沙箱形式运行的各类资本市场投资产品相关市场和体系也将正式制度化。代币证券（ST）以及非上市股票和部分投资交易平台将分别正式制度化。 ST是一种利用区块链技术以代币形式发行的证券。知识产权（IP）和艺术品等各种权利可以代币化和交易。通过正式发行非货币信托受益证券，允许多人投资特定资产的部分投资平台也将制度化。

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.

金融委员会自2023年以来一直在推动ST和部分投资平台的制度化。虽然相关法律修正案已提交国会，但尚未优先讨论。去年9月，金融委员会将非上市股票交易平台相关法律的修改期限延长了6个月。

“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.”

金融服务委员会秘书长 Kwon Dae-young 表示：“代币证券和部分投资平台的沙盒将于 6 月到期，非上市股票平台的沙盒将于 9 月到期。”考虑到这一点的制度化进程。”

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.

还将介绍业务发展公司（BDC）。 BDC是指投资于非上市创业和创新企业的上市公募基金。当局预计，通过 ST、BDC 和部分投资，小型风险企业的融资将变得更加便利。