장외신용파생상품에 대한 미국의 규제 동향과 시사점
Study on the regulatory efforts on the OTC credit derivatives in the United States and policy guidance to Korean market
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금융 및 상품거래의 성장과 더불어 등록된 거래소가 아닌 장외에서 사적인 거래를 통해, 거래와 연관된 위험을 관리하기 위한 수단들이 발달되어 왔다. 스왑계약의 발달은 이러한 위험들을 인식하고 분리하여 거래할 수 있도록 해주었다. 최근에는 스왑계약의 일종인 신용파생상품 거래가 급격하게 증가하고 있다. 우리나라는 2005년에 증권회사에 장외파생금융상품 업무를 할 수 있도록 허용했다. 본 연구는 장외파생상품 중 가장 인기가 높은 신용파생상품(신용디폴트스왑과 총수익스왑)의 미국에서의 규제현황을 분석하여, 우리나라의 규제정책에 주는 시사점을 제시하고자 하였다. 미국의 신용파생상품 관련 증권거래위원회와 상품선물거래위원회의 규제 관련 법률을 분석하였다. 장외파생상품과 스왑계약의 불확실성과 위험을 줄이기 위해 계약서를 표준화하기 위해 노력하고 있는 국제스왑및파생상품협회의 주요 표준계약서를 검토하였다. 스왑거래 관련 법적 문제가 발생했을 때 미국의 법원들은 어떻게 판결했는지를 분석하였다. 이를 통해 스왑계약과 신용파생상품계약을 다루는 데 있어 판사가 어떤 법률을 적용할지 예측할 수 없는 불확실성이 존재한다는 교훈을 얻었다. 마지막으로 미국의 사례와 우리나라의 규제 현황을 비교하기 위해 한국의 장외파생상품 관련 규제법규를 검토하고 미국의 사례가 한국에 주는 시사점을 도출하였다.
Abstract
With the increase of financial and commercial transactions, various methods to manage risks related to the transactions through privately negotiated agreements between two counterparties over the counter have been developed. Recent years, the use of credit derivatives contract, one of the swap agreements, has grown very rapidly. Korea allowed securities company to handle ?TC financial derivatives?contract in 2005. The purpose of this study is to suggest policy guidance to Korean regulatory regimes through analysis of regulations and enforcement efforts on the credit derivative, especially Credit Default Swap and Total Return Swap, agreements which are the most popular OTC derivatives in the United States. Regulations of Securities and Exchange Commission and Commodity Futures Trading Commission have been analyzed. Standard agreement forms used by International Swaps and Derivatives Association, Inc. which makes a leading efforts to reduce uncertainty and risks related to OTC derivatives and swaps by standardization and customization of swap transaction have been reviewed. Judicial rulings of the United States Federal Courts on the legal issues arising from swap agreement have been analyzed. Learning from the analysis of the courts?ruling is that parties may be uncertain which regulatory regime a judge will apply to their swap or credit derivatives contract. At the end, Korean regulatory systems on the OTC derivatives was reviewed to compare them with that of the United States and to suggested policy issues to the development of Korean derivatives market.
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