증권거래의 결제위험관리를 위한 법제도적 개선방안 = A Study on the Legal Improvement of Collateral and Risk Management in Securities Transaction

다국어 초록 (Multilingual Abstract)

【Abstract】

A Study on the Legal Improvement of Collateral and Risk Management in Securities Transaction

Joon-Sub Lee


The dramatic development of newly coming investment instruments as well as the rapid growth of transnational transaction is necessarily in need of safety of settlement and payment of the transactions. Therefore the collateral transaction by the relating parties and the settlement risk management play the great role for the minimizing of those risks.
The management service for the collateral transaction of securities as a preventive safe guard is provided by the central depositary institute, KSD(Korea Securities Depository) in Korea. Even though the need of collateral managements is growingly on the increase, KSD has not yet established an integrate collateral management system. In principle each collateral management service has commonness. Nevertheless, the collateral management system is operated seperately on the basis of individual contracts by the relating parties. With regard to the availability, costs, liquidity of collateral assets, and efficiency of the management service this structure must be necessarily less effective than integrate collateral management system. But in order to perform the integrate collateral management more effectively, the pledging system should be changed from on the basis of the individual contracts to on that of book-entry delivery system.
Also in sector of minimizing the settlement risks, the KSD provide the management service through the various instruments. With regard to the netting and settlement risks it is lack of the systematic management. Above of all, the problem is that the competence of netting service and that of settlement is still divided into different institutes. As a possible resolution is proposed in this paper that the divided competence between netting and settlement should be consolidated in a unified central institute. And the clear regal background should be established in order to activate the function of the newly consolidated institute. On this institutional basis also a construction of the integrated netting and settlement management system is necessary.

참고문헌 (Reference)

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