South Korea delays first STO exchange licences as Lucentblock-Nextrade fight heats up

SEOUL — December 21, 2025 — The Korea Exchange, operator of South Korea’s main equity markets including KOSPI and KOSDAQ, is heading into year-end with a rare mix of momentum and stress tests: a roaring 2025 rally, intensifying competition from the alternative trading system Nextrade, and a regulatory drive to clean out “zombie” listings that’s colliding with court delays. Global KRX+2AJU PRESS+2

Seoul — As of December 20, 2025, the Korea Exchange is navigating a rare “three-front” shift: a liquidity surge in KOSDAQ, policy-driven market reforms aimed at narrowing the “Korea discount,” and a new era of trading competition as alternative venues reshape how Korean equities are bought and sold. Financial Times+4Chosunbiz+4Chosunbiz+4