국제적 증권담보거래에 대한 법적 소고
A Legal Study on Cross-Border Securities Collateralization
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Abstract
Cross-border securities collateralizations such as securities lending and borrowing, repurchase agreement(repo) and collateralization have grown rapidly in recent years, often in excess of 50 percent annually. These cross-border securities collateralizations improve settlement liquidity, finance and security of performance, and so encourage international investment institutions to participate in local markets. In this way, cross-border securities collateralization has become an important element in the globalization of investment and trading activity. Meanwhile, the past few years have been tremendous progress in cross-border securities collateralization markets toward standardizing legal documentation and harmonizing legal treatment in national jurisdictions. Both trends greatly reduce the risk of nasty surprises in the event of a counterparty default. Although the nature and rationale for each category of transaction differ somewhat, the need to balance credit exposures against securities collateral on an ongoing basis, and the need for confidence in the arrangements for transferring and holding the securities collateral, raise similar legal issues such as recharacterization, close-out netting and cheery picking etc. In all cases, the creditor counterparty will need to ensure that his interest in securities is well documented in the contracts between the parties and is enforceable under relevant local law. Moreover, cross-border securities collateralization often raises a number of legal issues including conflict of law questions and choice of law so on. In this against backdrop, this article focused on a number of important legal issues in relation to cross-border securities collateralization and address the interests and needs of legal and financial practitioners engaged in the field of structuring, analysing and solving problems related to cross-border securities collateralization.
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