NexChange was launched on Sept. 29 by 21 contributing institutions, including Nextrade (NXT), as a preparation corporation for an over-the-counter fractional investment exchange. Jeong Yoo-shin, a special professor at Sogang University Graduate School of Business, was appointed representative director, while Lee Moon-young and Lee Bong-heon became outside directors and Kim Hak-soo and Han Il-hyun became non-executive directors. The company plans to improve liquidity and price discovery through 12-hour trading, low commission fees and varied quotation methods, alongside market stabilization measures and an investor protection fund. It will initially handle fractional products linked to music intellectual property, aircraft engines and real estate loan receivables, later expanding to artworks, webtoons, performances and trade receivables. The Financial Services Commission approved preliminary authorization for the NXT Consortium and KDX in February, and both groups are preparing for final authorization and the planned February-next-year start of permitted STO issuance and distribution under the revised Act on Electronic Registration of Stocks, Bonds, Etc.