KIS+KRX Corporate-Action & Symbol-Lifecycle Reliability Playbook

Date: 2026-02-25 (KST)

TL;DR

Most live-trading failures are not model failures — they are instrument-lifecycle failures:

• trading a name during suspension windows
• keeping stale orders across split/merge/reference-price events
• missing symbol metadata changes (code/status/unit/tick eligibility)
• replaying history with one price-adjustment policy and trading live with another

This playbook turns KIS + KRX operational reality into a deterministic control layer for Vellab.

1) Why this deserves its own risk module

For KR live execution, corporate actions and listing-status changes are not edge cases. They are recurring sources of:

1. reject storms (invalid price/qty/session)
2. ghost exposure (fills against stale assumptions)
3. broken PnL attribution (split-adjusted history vs unadjusted live fills)
4. monitoring blind spots (symbol looked valid yesterday, not now)

Treat lifecycle handling as pre-trade risk, not postmortem cleanup.

2) Event taxonomy (operator-centric)

Model events by operational impact, not legal wording.

2.1 Price/quantity remapping events

• stock split / reverse split
• bonus issue / rights-related entitlement changes
• events that force reference-price re-anchoring

Execution impact:

• freeze new orders until internal reference snapshot is refreshed
• cancel stale resting orders
• recompute min tick / lot / notional checks from latest symbol metadata

2.2 Identity/continuity events

• symbol code/name changes
• merger, spin-off, relisting paths

Execution impact:

• preserve internal instrument_id continuity map (old_code -> new_code)
• keep strategy state tied to stable internal ID, never raw broker symbol only

2.3 Tradability state events

• trading halt / resumption
• management/designation states
• delisting / cleanup-trading windows

Execution impact:

• hard gate order routing by tradability state
• no “best effort” retries while state is non-tradable

3) Data planes you need (minimum viable)

Use at least three independent planes:

1. Reference plane (daily/periodic):
   • KIS stock info files + broker/reference metadata
   • KRX data snapshots for status/market structure context
2. Announcement plane (event-driven):
   • KIND disclosures and trading-halt/resume notices
3. Runtime plane (intra-day sanity):
   • quote/trade stream anomalies (sudden non-tradable signatures, repeated rejects)

If any plane disagrees, route symbol to DEGRADED and require explicit reconciliation.

4) Internal symbol lifecycle state machine

Define a state machine in execution core:

ACTIVE -> PRE_EVENT -> FROZEN -> TRANSITION_APPLY -> RESUME_CHECK -> ACTIVE

terminal branch:

... -> RETIRED

State semantics

• ACTIVE: normal tradability
• PRE_EVENT: event detected; only risk-reducing actions allowed
• FROZEN: block new opens; allow cancels/hedges only (policy-based)
• TRANSITION_APPLY: update symbol metadata, continuity map, reference policies
• RESUME_CHECK: smoke-test with passive micro-order policy (optional)
• RETIRED: no routing allowed, archive-only

Do not use ad-hoc flags. Make transitions explicit and auditable.

5) Order-safety rules at boundaries

5.1 Freeze windows

When event time is known (or suspected), enforce preconfigured freeze windows:

• T-Δ before boundary: stop opening new positions
• at boundary: auto-cancel incompatible resting orders
• T+Δ after boundary: reopen only after metadata parity checks

5.2 Compatibility checks on re-open

Before re-enabling routing:

• symbol active status
• price ladder/tick-size validity
• orderable quantity constraints
• session/time eligibility
• account entitlement compatibility (product/account routing)

5.3 Reject-storm breaker

If symbol-level rejects exceed threshold in short window:

• force FROZEN
• snapshot request/response evidence
• require manual/automated reconciliation before resume

6) Position/PnL integrity policy

6.1 Dual-price policy in storage

Store both:

• raw execution prices (broker truth)
• analysis-adjusted prices (research/TCA convenience)

Never overwrite raw fills with adjusted values.

6.2 Bitemporal symbol master

For each instrument record keep:

• valid_time (market-effective time)
• system_time (when your system learned it)

This avoids hindsight leakage in replay and makes incident reconstruction possible.

7) Vellab implementation blueprint (practical)

7.1 Core tables

• instrument_master (current canonical state)
• instrument_events (append-only lifecycle events)
• instrument_aliases (old_code -> canonical_id)
• instrument_state_audit (state transitions with actor/reason)

7.2 Services

• symbol-master-sync (reference plane)
• disclosure-ingestor (announcement plane)
• execution-gatekeeper (pre-trade enforcement)
• reconcile-worker (cross-plane mismatch resolver)

7.3 Hard invariants

1. No order submission unless state == ACTIVE
2. No direct routing by raw symbol string (must resolve canonical ID)
3. Every state transition must be persisted with reason and source

8) Monitoring & alerts

Minimum metrics:

• symbol_state_count{state}
• symbol_transition_total{from,to,source}
• order_reject_total{symbol,reason}
• symbol_metadata_mismatch_total
• orders_blocked_by_lifecycle_total

Recommended alerts:

• any symbol stuck in TRANSITION_APPLY beyond TTL
• reject burst on single symbol
• cross-plane mismatch persisting > N minutes
• routing attempt to RETIRED symbol (severity high)

9) Incident runbook (15-minute version)

1. Contain: set symbol FROZEN
2. Collect: latest reference snapshot + announcement + reject samples
3. Compare: identify mismatch dimension (status/code/price-rule/session)
4. Patch: apply event + alias mapping + metadata refresh
5. Verify: dry-run validator on candidate orders
6. Resume: controlled reopen (small-size policy), then full enable
7. Postmortem: add failing pattern to lifecycle regression tests

10) One-line takeaway

In live KR trading, alpha can survive bad fills; it rarely survives broken symbol lifecycle handling — build lifecycle control as a first-class risk system.

References (starting points)

• KIS Developers portal: https://apiportal.koreainvestment.com/intro
• KIS Open API sample repository (stock_info, auth/examples structure):
  • https://github.com/koreainvestment/open-trading-api
  • https://raw.githubusercontent.com/koreainvestment/open-trading-api/main/README.md
• KIND trading halt/resume information page:
  • https://kind.krx.co.kr/investwarn/tradinghaltissue.do?method=searchTradingHaltIssueMain
• KRX Data Marketplace (status/reference datasets):
  • https://data.krx.co.kr/
• KRX regulation portal (market-operation framework):
  • https://regulation.krx.co.kr/