▲ The SK Hynix headquarters located in Icheon, Gyeonggi Province.
SK Hynix has once again started trading at the lower limit in the pre-market operated by the alternative trading system Nextrade (NXT).
SK Hynix was traded at 1,168,000 won immediately after the pre-market (8:00 AM to 8:50 AM) opened today (the 6th), which is 29.98% lower than the closing price of the previous regular session.
Although the trading volume was merely 11 shares, because the initial price determination method uses continuous trading rather than single-price bidding—unlike the regular market—the opening price was set as such.
In response, a dynamic volatility interruption (VI) was immediately triggered, resulting in single-price bidding for two minutes, after which the decline rapidly narrowed to the high 3% range.
Because of this system, cases where opening prices are formed at abnormally surged or plummeted levels in the pre-market have been repeated.
On the 28th of last month, at 8:00 AM right after the pre-market opened, a share of SK Hynix was also executed at the lower limit of 1,272,000 won. While the impact on the spot market was not significant, it sparked controversy as a butterfly effect shook the virtual asset derivatives market.
The shock spread as the anomalous trading price, 29.99% lower than the previous day, was reflected in the oracle (underlying asset price provider) for SK Hynix perpetual futures (TradFi) on Trade.xyz.
As a result, TradFi prices plunged by 17.9%, reportedly causing damage resulting in the liquidation of long positions worth 57.4 million dollars, or approximately 81.5 billion won.
During regular trading hours, problems caused by "fat-finger" errors, which are order mistakes made by humans based on thick order books, are naturally diluted. However, the issue arose because pre-markets with thin liquidity reflected prices as they were without such buffers.
In response, Trade.xyz announced compensation plans and stated that it would review supplementary measures, but concerns have been raised within the industry that similar accidents could recur.
(Photo: Yonhap News)
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