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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)
Have gone back to putting on a few SK trades recently and remembered this post. Tick size is share price dependent and a company with share price > 100k KRW ($90 or so) has a tick size of 500KRW (45cents). I die a little bit every time buy at market.
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