중앙청산소의 복구와 정리
Recovery and Resolution of Central Counterparties
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이 글에서는 국제적 논의를 중심으로 중앙청산소의 복구 및 정리 제도에 관하여 살펴본다. 주요 논지는 다음과 같다. ⅰ) 상한이 없는 부과권은 청산회원의 결제불이행 위험과 그에 따른 손실을 모든 청산회원 사이에서 전부 공동화하려는 것이므로 채택할 수 없다. ⅱ) 공동기금과 상한이 있는 부과권 행사에 의하여 모든 청산회원 사이에서 공동화되는 부분을 초과하는 위험과 손실은 변동증거금 감축과 부분파기에 의하여 순포지션 기준으로 결제를 불이행한 청산회원과 반대 포지션을 취한 청산회원들에게 귀속되어야 한다. ⅲ) 개시증거금 감축은 상한이 있는 부과권 행사에 따른 청산회원들의 출연 의무를 담보하는 한에서 허용함으로써 부과권의 실효성을 제고하는 것이 바람직하다. ⅳ) 부분파기에 의하여 균형장부로의 복귀와 결제불이행 위험과 손실의 적정한 귀속이 충분히 달성될 수 있으므로, 완전파기를 선호할 것은 아니다. ⅴ) 금융안정을 위하여 중앙청산소에 대한 정리가 개시된 경우에는 궁극적인 손실을 납세자에게 귀속시키는 구제금융을 제공하지 아니한다는 언명은 더 이상 신뢰할 수 없다.
Abstract
This Article reviews the regime of recovery and resolution of central counterparties, focusing international discussions thereon. Its main arguments are: i) Uncapped assessment right shall not be adopted, as it mutualizes all default risks of a clearing member and resulting losses among all clearing members; ii) Default risks and losses in excess of the amount being mutualized by way of default fund and capped assessment shall be allocated by way of variation margin gains haircutting and partial tear-up to those clearing members who has taken net positions opposite to the defaulting clearing member; iii) Allowing initial margin haircutting to the extent that it secures contribution obligations of clearing members is desirable for enhancing the effectiveness of capped assessment; iv) Complete tear-up shall not be preferred, as return to the matched book and adequate allocation of default risks and losses are sufficiently achievable by way of partial tear-up; and v) In the event that a central counterparty enters into resolution for maintaining financial stability, the commitment that no bail-out be available at the ultimate expense of taxpayers shall no longer be credible.
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