KRX was established as a legal entity on February 6, 1999 under the Futures Trading Act (FTA) enacted in 1995 and commenced trading on April 23, 1999. It is a membership-based and limited liability organization. However, in the case of a catastrophic event where losses occur, as a last resort it will force Clearing Members to cover the losses by using various financial resources, so its liability seems unlimited like the other major exchanges in the world.