해외증권시장의 다크풀(Dark Pool) 규제 현황과 시사점
Review of Regulations on Dark Pools in Foreign Countries and their Implications in Korea
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‘다크풀’(dark pool)은 증권 매매 체결 前에 주문 가격과 수량 등 거래 정보가 공개되지 않는 대체거래소(ATS)를 말한다. ‘비공개주문대체거래소’(이하 ‘비공개거래소’)라고 할 수 있다. 비공개거래소를 이용할 경우 고빈도거래자(high frequency traders) 등의 ‘약탈적 행위’(predatory practices)를 피할 수 있어 거래 비용을 절감할 수 있는 등 장점이 있지만, 한편으로는 가격 발견 기능의 저해라든지 이해상충 문제 발생 등 단점도 있다. 그래서 일정한 규제가 필요하다. 이에 따라 국제증권감독기구(IOSCO)는 2011년 비공개거래소 시장에 관한 6가지 원칙(Principles)을 발표하여 규제 원칙을 제시하였다. 또한 비공개거래소가 성장하고 있는 미국, 유럽연합, 캐나다, 호주 등 주요국도 관련 법령과 規程을 통해서 규제 정비를 하고 있다. 규제의 주요 방향은 매매 체결 前 주문 정보 미공개 사유의 명확화, 매매 체결 후 거래 정보 공개 의무화, 규제당국에 대한 보고 체계 강화, 비공개거래소의 운영 현황 공시 의무 등이다. 우리는 아직 비공개거래소 시장이 형성되어 있지 않지만 대체거래소 제도의 법적 근거가 이미 마련되었기 때문에 향후 비공개거래소 시장이 출현할 가능성을 배제하지 못한다. 이 경우 외국의 사례를 참조해서 효율적인 규제 체계를 구축할 필요가 있다. 따라서 매매 체결 前 주문 정보가 공개되지 않는 사유를 명확히 규정하고, 매매 체결 후에는 거래 정보를 실시간으로 규제당국에 보고하게 하며, 이해상충 문제의 발생으로 인한 거래 참가자들의 피해를 방지하기 위한 규제 체계를 구축하고, 비공개거래소의 운영 현황을 자세히 공시하도록 할 필요가 있다. 특히 독립된 자율증권시장감시기구를 설립해서 비공개거래소에 대한 효율적인 감시 체계를 구축할 필요가 있다.
Abstract
A dark pool, unlike a recognized exchange, is an alternative trading system where pre-trade transparency requirement is exempt. Most of dark pools are operated by securities brokers or dealers. Whereas dark pools contribute to market participants’ avoiding predatory practices by traders, particularly high-frequency traders and reduce trading costs, they may cause conflict of interests due to their engaging in internal trading or harm a price discovery function in securities markets. It is the main reason why regulations should be imposed on the activities of dark pools. As dark pools grow, notably, in 2011, the International Organization of Securities Commission published the ‘Principles for Dark Liquidity,’ recommending six (6) principles regarding dark pools such as pre-trade transparency and its exemptions, post-trade transparency requirement, a reporting system, and disclosure on dark pools’ operations to market participants. Further, major countries such as the United States, European Union, Canada and Australia began to implement a regulatory framework regarding dark pools. Major regulations include pre-transparency requirement and its exemptions, post-trade transparency requirement, a reporting system to the regulatory authorities, and disclosure of dark pools’ operations. In Korea, dark pools are not yet operating, although the relevant law, the Capital Market Act, allows establishment of an alternative trading system. However, as securities markets expand, a demand for dark pools may increase. Thus, the Korean regulator should be ready to implement dark pool regulations. For this purpose, this article recommends that pre-transparency requirement and its exemptions should be clearly prescribed in the Capital Market Act, a reporting system to the regulator should be also stated in the relevant law and regulations, and further dark pools’ operations should be fully disclosed to market participants. Finally, a separate self-regulatory securities market oversight commission should be established so as to efficiently oversee the exchange and dark pools.
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