It was not until 1956 that the Stocks Market Division of the Korean Exchange was established. With a market cap of $1.25 trillion, the exchange has achieved great milestones that include the adoption of electronic trading in 1988, introduction of the Stocks Index Options Market in 1997 and the launching of the Stocks Index Futures Market in 1996. The exchange also introduced warrant trading in 2000 and equity options in 2002. The traded instruments at the Korean Exchange include: bonds, stocks, REITs and ETFs. The Korea Exchange itself was established in 2005 after the merger of the Korea Stocks Exchange, the KOSDAQ and the Korea Futures Exchange. The exchange is one of the largest in Asia with over 1,800 listed companies. As of January 2015, the Korea Exchange had a combined market capitalization of approximately $1.25 trillion from 2,030 listed companies. Since February 2004, foreign investors are allowed to take stocks loans using foreign securities such as T-Notes, T-Bills and T-Bonds. Foreign currencies and more specifically the US dollar can also be used as collateral when acquiring Korean stocks loans. Both the borrower and the lender are at liberty of requesting for the return of their securities at any given time but before the maturity date. In order to support the transaction, it is a requirement that the investors have a dedicated stocks & lending account with cash or security as collateral. Upon mutual agreement, a stocks or securities loan can be terminated or even amended without having to cancel the original transaction.