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Article 3-1
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The brokerage trading, order confirmation and reporting of execution of odd-lot trades between a securities broker and a principal are governed by provisions on trading through electronic media, unless the principal is a professional institutional investor.
The professional institutional investor mentioned in the preceding paragraph denotes a domestic or foreign bank, insurance company, bills company, securities firm, fund management company, government investment institution, government fund, pension fund, mutual fund, unit trust, securities investment trust enterprise, securities investment consulting enterprise, trust enterprise, futures commission merchant, futures service enterprise and other institutions approved by the competent authority.
Paragraph 1 is not applicable to after-market odd-lot trading.
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