The Korea Exchange (KRX) after-market recorded average daily trading value of 1.1476 trillion Korean won from September 14–18, equivalent to about 80% of the 1.4472 trillion won average on alternative exchange Nextrade’s NXT after-market. KRX’s five-day cumulative trading value reached 5.738 trillion won, compared with 7.236 trillion won for NXT. KRX led on its opening day, but NXT exceeded it on each of the following four sessions, with the gap widening to 575.6 billion won on September 18. KRX’s session runs from 4 p.m. to 8 p.m. and added trading value equal to about 4.5% of regular-session turnover, although its share declined from 6.57% on opening day to 2.90% on the final day. NXT’s activity also fell from its previous 2–3 trillion won range, indicating that KRX captured part of existing night-session demand rather than generating wholly new activity. KRX’s broader stock coverage has not yet translated into higher trading value, while NXT benefits from order continuity and an opening time 20 minutes earlier. KRX plans to build a one-board system linking regular and after-market trading by the end of next year. Foreign investor flows changed only modestly on most days, leaving the long-term effect on liquidity and overseas participation uncertain.