자본시장법상 파생상품규제자본시장의 인프라 개혁
Reform of the Infrastructure of the Derivatives-Regulating Capital Market under the Korean Capital Markets Act
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With the global financial crisis of 2008, many countries have regulated financial investment products. Notwithstanding such regulations, however, over-the-counter(OTC) derivatives are briskly traded at the financial market all over the world. The problem is that it is difficult to ascertain how much they are traded and how the payment is made, which makes it difficult for supervisory authorities to cope with system risks caused by OTC transactions. Hereat, USA, EU and Japan where OTC derivatives are briskly traded, and even International Organization of Securities Commissions (IOSCO) have been making efforts to reform the infrastructure of the derivatives-regulating market. In particular, the 2009 G20 Pittsburg Summit agreed to obligatorily clear OTC derivatives in the market. In common with other countries, South Korea has made efforts to legally reform the infrastructure of the capital market. Such efforts are expected to enable fair deals in the financial investment market, and thus to reduce costs, by extension, to predict risks. Considering the infrastructure of the existing derivatives market, there is a need to give positive consideration to the setup of plural exchange or alternative trading system(ATS). Moreover, it requires that OTC derivatives should be cleared via the Central Counter Party(CCP) and should be reported to the trade depository. Additionally in relation to the infrastructure of the capital market, it needs to set reasonable standards on the governance structure of CCP and ATS, risk management, international compatibility and information service to the trade depository.
Abstract
With the global financial crisis of 2008, many countries have regulated financial investment products. Notwithstanding such regulations, however, over-the-counter(OTC) derivatives are briskly traded at the financial market all over the world. The problem is that it is difficult to ascertain how much they are traded and how the payment is made, which makes it difficult for supervisory authorities to cope with system risks caused by OTC transactions. Hereat, USA, EU and Japan where OTC derivatives are briskly traded, and even International Organization of Securities Commissions (IOSCO) have been making efforts to reform the infrastructure of the derivatives-regulating market. In particular, the 2009 G20 Pittsburg Summit agreed to obligatorily clear OTC derivatives in the market. In common with other countries, South Korea has made efforts to legally reform the infrastructure of the capital market. Such efforts are expected to enable fair deals in the financial investment market, and thus to reduce costs, by extension, to predict risks. Considering the infrastructure of the existing derivatives market, there is a need to give positive consideration to the setup of plural exchange or alternative trading system(ATS). Moreover, it requires that OTC derivatives should be cleared via the Central Counter Party(CCP) and should be reported to the trade depository. Additionally in relation to the infrastructure of the capital market, it needs to set reasonable standards on the governance structure of CCP and ATS, risk management, international compatibility and information service to the trade depository.
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