키코(KIKO)통화옵션계약에 관한 법적 고찰
A Legal Study for KIKO(Knock-In Knock-Out) Foreign Currency Option Contracts
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KIKO is a financial product designed to help small exporters hedge against currency fluctuations. In 2008, with the won-dollar exchange rate soaring above what was originally expected, many KIKO subscribers have suffered losses as they have to buy dollars at a higher rate to repay their dollar-denominated debt to banks. So some say that KIKO contracts is initially designed as advantageous to banks. KIKO is not terms and conditions. KIKO is not beneficial to the bank unilaterally. And the principle of change of the basis of contract does not apply to KIKO. In KIKO, it is a subject matter that the bank's violation of principle of suitability and duty to explanation. The principle of suitability is that no bank shall recommend an company to make an investment, if the investment is considered unsuitable for the company in light of the investment purpose, status of property, experience in investment, etc. of the company. And the duty to explanation is that the bank shall explain the details of the financial investment instrument, the risks contingent upon the investment with such sufficiency as to allow the ordinary investor to understand them. If the bank violate duty to explanation, he shall liable for the damages inflicted upon company. Though KIKO has some problems, company may not always exempt from the loss of clients. If a company utilizes KIKO as a speculation purpose, it bears certain degree of responsibility.
Abstract
KIKO is a financial product designed to help small exporters hedge against currency fluctuations. In 2008, with the won-dollar exchange rate soaring above what was originally expected, many KIKO subscribers have suffered losses as they have to buy dollars at a higher rate to repay their dollar-denominated debt to banks. So some say that KIKO contracts is initially designed as advantageous to banks. KIKO is not terms and conditions. KIKO is not beneficial to the bank unilaterally. And the principle of change of the basis of contract does not apply to KIKO. In KIKO, it is a subject matter that the bank's violation of principle of suitability and duty to explanation. The principle of suitability is that no bank shall recommend an company to make an investment, if the investment is considered unsuitable for the company in light of the investment purpose, status of property, experience in investment, etc. of the company. And the duty to explanation is that the bank shall explain the details of the financial investment instrument, the risks contingent upon the investment with such sufficiency as to allow the ordinary investor to understand them. If the bank violate duty to explanation, he shall liable for the damages inflicted upon company. Though KIKO has some problems, company may not always exempt from the loss of clients. If a company utilizes KIKO as a speculation purpose, it bears certain degree of responsibility.
참고문헌 (16)
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