Alpaca and Eugene Investment & Futures have signed a memorandum of understanding to build access to Korea Exchange derivatives through an omnibus structure. Korean-listed options are the planned first product, with additional KRX derivatives contemplated later. The MOU was signed on 27 October and announced the following day.[1]
Eugene is intended to act as the on-the-ground Korean partner for execution, market access, clearing, settlement and omnibus-account operations. Alpaca would provide the brokerage infrastructure through which institutional clients and broker partners integrate the service. The design aims to let end investors remain on their existing local platform rather than open a separate account directly with a Korean futures broker.[1]
Announced role map and missing launch terms
KRX derivatives access chain
| Layer | Announced responsibility | Still to be published |
|---|---|---|
| Client-facing broker or fintech | Owns the customer relationship and integrates the product | Eligibility, suitability, disclosures, fees and support modelSource 1 |
| Alpaca | Brokerage infrastructure and partner access layer | Production API scope, collateral model and launch dateSource 1 |
| Eugene Investment & Futures | Local execution, market access, clearing, settlement and omnibus operations | Detailed order routing, margin and default proceduresSource 1 |
| Korea Exchange | Underlying listed derivatives market | Exact initial contracts and session availabilitySource 1 |
| End investor | Trades through the local platform rather than opening a direct Korean futures account | Account rights, reporting, tax and transfer treatmentSource 1 |
The omnibus structure would let a broker offer Korean derivatives through one local-market account while maintaining records for its end customers. The MOU describes the intended access chain but does not yet publish the client-account terms, margin model or launch date.[1]
The agreement follows a July Korean-equities relationship with Eugene Investment & Securities. The new MOU concerns Eugene Investment & Futures and listed derivatives, so the counterparties and product scope should be kept separate.[1]
Sources & further reading
- Alpaca partners with Eugene Investment & Futures Alpaca · 28 Oct 2026 · Accessed 30 Oct 2026