자본시장법상 금융투자업자의 최선집행의무 = Best Execution Obligation of the Financial Investment Entities under the Capital Markets Act

다국어 초록 (Multilingual Abstract)

The amendments to the Capital Markets Act proclaimed on May 28, 2013(the “2013 amendments”) newly introduced the Alternative Trading System (“ATS”) in the name of “Multilateral Trading Company.” With the introduction of the Multilateral Trading Company, the 2013 amendments also permitted anyone who meets the certain requirements under the Capital Markets Act to establish an exchange. Those two changes opened the era of multiple trading venues and put an end to the 57-year old monopoly of the Korea Exchange (“KRX”).
As investors flock to multiple trading venues, the same stock can be traded simultaneously at different prices in each marketplace. This fragmentation of order flow raises a new challenge for regulators. From an individual investor's standpoint, monitoring whether a broker has secured the best possible execution for each order will be particularly cumbersome if more marketplaces offer various prices for various order sizes in parallel.
In response to this concern, the 2013 amendments introduced the new “best execution” principle. Under this principle, an financial investment entity owes a duty to compare trading conditions of different markets and then ensure that orders are executed at the best interest of the investors.
Although the best execution principles of many countries have similar backgrounds, the specific definition of “best” varies across the nations.
United States and European Union, the two most important jurisdictions for equity trading, follows diametrically opposed approaches in practice. The best execution principle under the Capital Markets Act has to provide fair trading opportunities and best execution results to diverse investors.

참고문헌 (Reference)

1 금융위원회, "｢자본시장과 금융투자업에 관한 법률｣ 개정안 정무위 법안소위 통과, 보도자료"

2 이인형, "자본시장법 개정에 따른 다자간매매체결회사의 등장과 파급효과" 한국거래소 (101) : 2013

3 김율, "자본시장 환경변화와 ‘가장성 매매’ 규제 – 미국에서의 논의를 중심으로 -" 한국거래소 (101) : 2013

4 김정수, "알고리즘매매와 고빈도매매의 글로벌 규제동향 – 자본시장의 기술환경 변화를 중심으로 -" 한국증권법학회 14 (14): 2013

5 한중석, "알고리즘매매 증가에 따른 증시환경 변화와 대응전략" 한국거래소 (71) : 2011

6 금융위원회, "보도자료"

7 박중민, "바람직한 금융투자업 규제체계의 방향: 금융투자협회의 자율규제를 중심으로" 금융투자협회 2013

8 엄경식, "미국주식시장의 재개편: Regulation NMS의 도입 및 시사점" 한국증권연구원 2007

9 김건식, "미국의 증권규제" 홍문사 2001

10 엄경식, "대체거래시스템(ATS) 도입에 따른 과제" 한국기업법학회 27 (27): 9-42, 2013

11 이인형, "글로벌 거래소 변화양상과 시사점" 자본시장연구원 2012

12 Soo J. Yim, "Selected Trading Issues for Broker-Dealers and Investment Advisers"

13 "Securities Exchange Act Release No. 42208(December 9, 1999) 64 FR 70613 (December 17, 1999)"

14 European Commission, "Press Release"

15 "NBBO Step-Up"

16 Stavros Gadinis, "Market Structure for Institutional Investors: Comparing the U.S. and E.U. Regimes" 3 : 311-, 2008

17 "In re Morgan Stanley & Co., Exchange Act Release No. 55,726"

18 Peter Gomber, "High-Frequency Trading 25"

19 Edward M. Eng, "Finding Best Execution in the Dark: Market Fragmentation and the Rise of Dark Pools" 12 : 39-, 2013

20 Regulation NMS, "Exchange Act Release No. 51,808" 70 : 37-, 2005

21 "Exchange Act Release No. 37,619A"

22 "Elimination of Flash Order Exception from Rule 602 of Regulation NMS"

23 Jacob Bunge, "Direct Edge to Stop “Flashing” Orders on Monday"

24 CESR, "Best Execution under MiFID - Questions & Answers"

25 Barbara Brooke Manning, "Best Execution Section 28(e) and Soft Dollar Practices and Procedures"

26 Fidelity Management, "Advisers Act Rel. No. 2713"

27 강소현, "ATS 도입에 따른 합리적 최선집행원칙 도입방안" 자본시장연구원 (18) : 2013

28 한재영, "ATS 도입관련 해외 최선집행의무 조사" 금융투자협회 2012