날씨派生商品의 法的 規制에 관한 硏究

Abstract

【Abstract】 A Study of the Legal Regulation of Weather Derivatives Chung Sang-Keun There are many companies and individuals who suffer from weather fluctuation. Weather Derivatives are like Options managing and reducing this risk. Option purchaser is granted the privilege of buying(call option) or selling(put option) a underlying commodity. If the price fluctuates, he is, as a result, more attractive than the option writer. The buyers pay the seller a fee for granting the privilege. This fee is called the premium. An option may be defined as the right, but not an obligation to buy or sell a particular item. On the other hand, insurance contracts are based on statistics and the other insured in here is helpful to one. Weather Derivatives are not ways of financing in the company, but zero-sum game between the parties. The loss in one is to be offset by a gain in the other. Deregulation is an worldwide phenomenon in this area, but derivatives like underlying assets are to be harmful to the parties with its complexity, market manipulation and fraud, so CEA as an regulations rule is applied to swap agreement in america. Weather derivatives are also in need of regulation ? Yes, but american legislator ease it to the ECP(eligible contract participant) in CFMA 2000. We must prepare for need in weather fluctuations risk by way of insurance and/or derivatives. In future, experience in american and japan are also useful to us. We must find a method to resolve our problems with this experience.