주요국의 부동산 파생상품 규제연구 및 시사점
A Study on Regulations for Property Derivatives of Primary Countries
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초록
국내외 부동산 파생상품은 대부분 장외파생상품으로 거래되고 있는데, 이들 장외파생상품 거래에 대한 한국, 미국, 영국 및 일본의 법률적 체계는 다소 차이를 보인다. 신용파생상품 및 자산유동화증권류를 포함한 장외파생상품의 법률규제와 감독 여부는 각국별로 차이를 보이고 있으나, 이러한 파생상품 거래로 인한 리스크 관리 및 관련 건전성 요건의 충족, 자본비율 등 파생상품의 간접적인 규제 차원의 감독은 방법과 정도의 차이는 있으나 공통적으로 이루어지고 있다. 미국 등 주요 선진국의 부동산 파생상품 규제현황과 최근 규제방향을 참고하여, 국내 부동산 파생상품 시장의 건전한 성장과 발전을 추구할 수 있는 국내 부동산 파생상품의 바람직한 규제방향을 찾고자 한다.
Abstract
Most domestic and foreign property derivatives are being transacted as over the counter derivatives, and the legal systems of Korea, U.S. England, and Japan regarding such transactions of derivatives show slight differences. Although existence of legal regulations and supervision of over the counter derivatives including credit derivatives and asset-backed securities show differences according to nation, supervision executed on the level of indirect regulation of derivatives, such as risk management, fulfillment of related soundness requirement, and capital ratio, is being commonly achieved, despite slight differences in method or degree. By referring to regulation of property derivatives and recent regulation direction of major developed countries including the U.S. We hope to find a desirable regulation direction for domestic property derivatives that pursue sound growth and development of domestic property derivatives market.
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