South Korea launched its first alternative stock trading system Tuesday to allow for longer trading hours and lower fees, ending the seven-decade-old monopoly of the Korea Exchange(KRX).

Nextrade(NXT), the country’s secondary stock trading platform, will run from 8 a.m. to 8 p.m., whereas the KRX operates from 9 a.m. to 3:30 p.m.

The NXT also offers transaction fees that are 20 to 40 percent lower than those of the KRX.

A total of 28 brokerage houses joined the NXT Tuesday, with four more set to join later. 

The secondary platform started with only ten firms being traded, but the number will rise to 800 within a month.