양도성예금증서(CD)의 발행 및 유통에 관한 비교법적 고찰

Abstract

The purpose of this article is to vitalize the issue of NCD and circulation market, referring the law in USA, Europe and Japan, reviewing the issue of NCD and circulation market. The law about the issue of CP and circulation market in Korea is being completed, but there is no law about another important short-term financial product, the issue of NCD and circulation market. The type of registration issue in current can avoid the inconvenience by real issues but there is limitation in active circulation market. If the problem in issues and circulation are settled down, issued NCD by a financial institution which has a high credit rating can be expected to vitalize the market sufficiently. Like USA and United Kingdom, the law related to paperless is needed to define a short-term financial product based on the paperless environment comprehensively. Regulations for standardization on issue and the circulation condition of NCD should be fully modified. If free division circulation becomes possible, development in a circulation market can be expected. On the other hand, central securities depository, like other advanced countries,should play a role of the central registration engine, get the credit from participations in market, and settle down the transparency in publishing information and managerial supplement device in payment risk for NCD and a short-term financial product. The issues in short-term financial market of advanced countries should be kept an eye on. To vitalize short-term financial market in Korea, the fundamental support to promote the issue and the circulation market should be prepared. Problems to obstruct transparency of issue information and the development in circulation market should be resolved continuously.