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The difference is that US equity markets are fragmented (~13 different exchanges) whereas in South Korea everything trades on a single exchange, KRX
Even worse, in order to access that ~25bp liquidity in the US you need serious infrastructure like colocation for every exchnage, smart order routers, fast data feeds, aggregation, good execution algos etc (or you need to pay commission to a broker to use their algo)
In South Korea you just connect to one exchange and you're away. Even tick sizes tend to be bigger in South Korea which sounds bad for liquidity but in fact concentrates orders at fewer price levels, which reduces the advantages of being fastest and rewards market makers for
providing genuine liquidity, e.g. long-lived orders in the book to get queue position, and warehousing risk instead of flipping it to avoid paying the FTT multiple times.
I find the whole thing fascinating as an example of how US and European market structure could be massively improved, and as an example of how even a 10bp FTT doesn't necessarily reduce liquidity by that much (at least for small stocks ... bigger impact for more liquid names obv)
good execution algos are dirt cheap in the US, but the thing that i run into repeatedly is that my taker orders on a penny NBBO, as an absolute nobody, move NBBO 3-4 cents on stuff that should be 100x as deep. its like a form of paranoia from MM about info-asymmetry
at my small size (sub 100mm AUM, $200k avg trade size, i would probably get equal or better execution being routed to retail internalizers paying for flow, plus my flow is usually countercyclical rebalancing so they’d value it more
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