알고리즘거래에서 착오주문의 문제 - H증권사건 하급심판결에 대한 비판적 고찰 -

Abstract

The problem with error orders in electronic securities transactions is serious in that the transaction itself is highly automated and the financial investor's one error order can lead to tens of thousands to hundreds of thousands or more error-making transactions. Not only can a single mistake lead to a question of financial investor's survival, but it can also seriously damage the stability of stock market. The very example is the 'H Securities Case' to be addressed in this paper. The H Securities Case resulted in massive losses when the company entered one variable through the automatic transaction program (algorithm) of the derivative by mistake, resulting in the cancellation of its accreditation of the financial investment business and bankruptcy. The Korea Exchange filed a lawsuit for reimbursement against H Securities after paying the full amount of the payment to C Capital, etc.(Litigation 1) and H Securities filed a lawsuit against C Capital to claim the return of unfair gains for cancellation of civil errors (Litigation 2). If the error cancellation is recognized, the Korea Exchange's indemnity bonds will not be established, so whether the error cancellation is established will be an issue for both the first and second lawsuits. In conclusion, this paper judged that although the error was caused by a gross negligence of H Securities, the cancellation of the error can be possible under civil law because C Capital, the counterparty to the transaction, was apparently willing to use it in anticipation of a mistake of the H Securities.