Trading KOSPI option contract just like a futures contract

the market is open on christmas monday for japan and korea. I've attached a spreadsheet for Asian holidays for Dec/Jan (kindly put together by Steve @ IB).

 

http://baby.boom.com.hk/portfolio/holiday.asp

For general use, but Def/Steves sheet also includes non regular hours. Thanks Def/Steve

 

A lot of Koreans celebrate but not so much as to not work I guess.

 

The SGX sent out an amended holiday schedule. Please find attached a new schedule for the Asian exchanges.
(a) is the only change. SGXNK and STW will be open on 26th December.

The updated file is attached:

 

Why does the future trade at a discount to the index?

 

1. the front month settles into cash. It does not have to line up to the march future

2. stock loan is expensive

3. to sell stock there is a 50bps stamp tax

4. DIVIDENDS

 

What happened to the Kospi? The hoilday speadsheet shows it as being open on monday the 2nd of January but I don't have any quotes.

 

it opens an hour later today.

 

Thanks, I think this market opens too late for europeans!

 

Can anyone advise the risk free interest rate to be used when calculating approx KOSPI option values please?