Effect of the pat, fk, stpk Gene Knock-out and mdh Gene Knock-in on Mannitol Production in Leuconostoc mesenteroides

( Peng Yu-wei ),( Jin Hong-xing ) 한국미생물 · 생명공학회 2018 Journal of microbiology and biotechnology Vol.28 No.12

Leuconostoc mesenteroides can be used to produce mannitol by fermentation, but the mannitol productivity is not high. Therefore, in this study we modified the chromosome of Leuconostoc mesenteroides by genetic methods to obtain high-yield strains for mannitol production. In this study, gene knock-out strains and gene knock-in strains were constructed by a two-step homologous recombination method. The mannitol productivity of the pat gene (which encodes phosphate acetyltransferase) deletion strain (Δpat::amy), the fk gene (which encodes fructokinase) deletion strain (Δfk::amy) and the stpk gene (which encodes serine-threonine protein kinase) deletion strain (Δstpk::amy) were all increased compared to the wild type, and the productivity of mannitol for each strain was 84.8%, 83.5% and 84.1%, respectively. The mannitol productivity of the mdh gene (which encodes mannitol dehydrogenase) knock-in strains (Δpat::mdh, Δfk::mdh and Δstpk::mdh) was increased to a higher level than that of the single-gene deletion strains, and the productivity of mannitol for each was 96.5%, 88% and 93.2%, respectively. The multi-mutant strain ΔdtsΔldhΔpat::mdhΔstpk::mdhΔfk::mdh had mannitol productivity of 97.3%. This work shows that multi-gene knock-out and gene knock-in strains have the greatest impact on mannitol production, with mannitol productivity of 97.3% and an increase of 24.7% over wild type. This study used the methods of gene knock-out and gene knock-in to genetically modify the chromosome of Leuconostoc mesenteroides. It is of great significance that we increased the ability of Leuconostoc mesenteroides to produce mannitol and revealed its broad development prospects.

ELS 발행 및 헤지에 따른주식시장의 영향과 녹 -인 효과 연구

임현철 ( Hyuncheul Lim ),최영수 ( Youngsoo Choi ) 한국파생상품학회(구 한국선물학회) 2015 선물연구 Vol.23 No.2

본 논문은 저금리 기조가 지속되면서 빠르게 성장한 ELS시장의 대표적인 상품인 두 개의 기초자산 기반 조기상환 스텝다운 auto call step down 형 ELS Equity Linked Security 상품에 내재된 급락위험1) shortfall risk 을 분석하고 급락위험을 관리하는 헤지 전략을 제시한다. 조기상환 스텝다운 ELS는 발행자 입장에서 1) 기초자산이 KI Knock In 가격에 도달하기 전까지는 ELS에 내포된 풋옵션 매수 및 DO Down and Out 옵션 매도를 헤지하려면 발행금액의 수배에 달하는 기초자산 델타수량 매수를 지속적으로 증가시켜야 하나, 2) 하락폭이 큰 기초자산 가격이 KI가격을 터치한 즉시 DO옵션이 소멸되어 발행금액 수준으로 매수한 물량을 급격히 매도하여야 한다. 이런 급락위험을 관리하는 방안으로 본 논문에서는 급락위험을 최소화시키는 헤지 전략과 KI 발생확률 여부에 따른 헤지 전략을 제시하고 이를 검증 가상상품에 적용하여 기존의 BS Black Scholes 헤지 전략보다 우수함을 보여준다. 정책적인 제안으로 첫째, 녹 인 Knock In 집중현상을 예방하기 위하여 같은 기초자산 주식기반 ELS 발행금액을 해당주식의 평상시 유동물량과 최대 델타량의 총합을 고려하여 결정해야 하고, 둘째, 녹-인 영역 혹은 녹-아웃 Knock Out 영역과 같이 레버리지가 커지는 핀리스크 pin risk 구간에서는 연속 헤지가 가능하다는 전제하에 구한 BS델타를 이용한 위험관리 한도규정을 완화할 필요가 있다. In this paper we analyze the shortfall risk implied in the auto call step down equity linked securities ELS based on two underlying assets, which is a major product of the rapidly growing ELS market as the low interest rate environment continues. And we also present the hedging strategies for managing shortfall risk. In the position of auto call step down ELS issuer, 1) until the underlying asset price reaches at knock in KI level, the delta of the underlying is continually and significantly increased in order to hedge the short position of the Down and Out DO option and the long position of the put option inherent in ELS, 2) however, the hedger must reduce this delta as soon as the underperformed underlying price touches KI level, which triggers the vanishing of the DO option. As a way to manage these shortfall risks, this paper proposes two new hedging strategies of minimizing these shortfall risks and depending on the KI probability. Also this paper shows that these hedging strategies provide better performance than traditional BS hedging strategy when these hedging strategies are applied to a sample product with real market data. As the policy proposals, first, in order to prevent the concentration of the KI prices, ELS issue amount based on the same underlying is needed to be determined in consideration of both the average market trading volume and maximum leverage delta. Second, in the realm of pin risk such as Knock-In or Knock-Out, where the leverage increases, it is recommended to mitigate the risk management delta limit based on the BS model which is made under the assumption of continuous hedging infinitesimally.

ELS 발행 및 헤지에 따른 주식시장의 영향과 녹-인 효과 연구

임현철 ( Hyuncheul Lim ),최영수 ( Youngsoo Choi ) 한국금융공학회 2015 한국금융공학회 학술발표회 Vol.2015 No.1

본 논문은 저금리 기조가 지속되면서 빠르게 성장한 ELS시장의 대표적인 상품인 두 개의 기초자산 기반 조기상환 스텝다운(auto call step down)형 ELS(Equity Linked Security) 상품에 내재된 급락위험¹(shortfall risk)을 분석하고 급락위험을 관리하는 헤지 전략을 제시한다. 조기상환 스텝다운 ELS는 발행자 입장에서 1) 기초자산이 KI(Knock-In)가격에 도달하기 전까지는 ELS에 내포된 풋옵션 매수 및 DO(Down and Out)옵션 매도를 헤지하려면 발행금액의 수배에 달하는 기초자산 델타수량 매수를 지속적으로 증가시켜야 하나, 2) 하락폭이 큰 기초자산 가격이 KI가격을 터치한 즉시 DO옵션이 소멸되어 발행금액 수준으로 매수한 물량을 급격히 매도하여야 한다. 이런 급락위험을 관리하는 방안으로 본 논문에서는 급락위험을 최소화시키는 헤지 전략과 KI 발생확률 여부에 따른 헤지 전략을 제시하고 이를 검증 가상상품에 적용하여 기존의 BS(Black-Scholes) 헤지 전략보다 우수함을 보여준다. 정책적인 제안으로 첫째, 녹-인(Knock-In) 집중현상을 예방하기 위하여 같은 기초자산 주식기반 ELS 발행금액을 해당주식의 평상시 유동물량과 최대 델타량의 총합을 고려하여 결정해야 하고, 둘째, 녹-인 영역 혹은 녹-아웃(Knock-Out) 영역과 같이 레버리지가 커지는 핀리스크(pin risk)구간에서는 연속 헤지가 가능하다는 전제하에 구한 BS델타를 이용한 위험관리 한도규정을 완화할 필요가 있다. In this paper we analyze the shortfall risk implied in the auto call step down equity linked securities(ELS) based on two underlying assets, which is a major product of the rapidly growing ELS market as the low interest rate environment continues. And we also present the hedging strategies for managing shortfall risk. In the position of auto call step down ELS issuer, 1) until the underlying asset price reaches at knock-in(KI) level, the delta of the underlying is continually and significantly increased in order to hedge the short position of the Down and Out(DO) option and the long position of the put option inherent in ELS, 2) however, the hedger must reduce this delta as soon as the underperformed underlying price touches KI level, which triggers the vanishing of the DO option. As a way to manage these shortfall risks, this paper proposes two new hedging strategies of minimizing these shortfall risks and depending on the KI probability. Also this paper shows that these hedging strategies provide better performance than traditional BS hedging strategy when these hedging strategies are applied to a sample product with real market data. As the policy proposals, first, in order to prevent the concentration of the KI prices, ELS issue amount based on the same underlying is needed to be determined in consideration of both the average market trading volume and maximum leverage delta. Second, in the realm of pin risk such as Knock-In or Knock-Out, where the leverage increases, it is recommended to mitigate the risk management delta limit based on the BS model which is made under the assumption of continuous hedging infinitesimally.

Porcine Knock-in Fibroblasts Expressing hDAF on α-1,3-Galactosyltransferase (GGTA1) Gene Locus

Kim, Ji-Woo,Kim, Hye-Min,Lee, Sang-Mi,Kang, Man-Jong Asian Australasian Association of Animal Productio 2012 Animal Bioscience Vol.25 No.10

The Galactose-${\alpha}1$,3-galactose (${\alpha}1$,3Gal) epitope is responsible for hyperacute rejection in pig-to-human xenotransplantation. Human decay-accelerating factor (hDAF) is a cell surface regulatory protein that serves as a complement inhibitor to protect self cells from complement attack. The generation of ${\alpha}1$,3-galactosyltransferase (GGTA1) knock-out pigs expressing DAF is a necessary step for their use as organ donors for humans. In this study, we established GGTA1 knock-out cell lines expressing DAF from pig ear fibroblasts for somatic cell nuclear transfer. hDAF expression was detected in hDAF knock-in heterozygous cells, but not in normal pig cells. Expression of the GGTA1 gene was lower in the knock-in heterozygous cell line compared to the normal pig cell. Knock-in heterozygous cells afforded more effective protection against cytotoxicity with human serum than with GGTA1 knock-out heterozygous and control cells. These cell lines may be used in the production of GGTA1 knock-out and DAF expression pigs for xenotransplantation.

계약의 서식분쟁(Battle of Forms)에 관한 소고

최창렬 국제거래법학회 2011 國際去來法硏究 Vol.20 No.2

It is a common rule in the continental legal system or the Anglo-American legal system that if a contract is constituted, an offer and its acceptance should be completely agreed, which is referred to as a Mirror-image Rule. However, looking at the process of a contract entered into in today’s commercial practices, contract parties often deal with tractions using contract forms containing pre-prepared purchase orders, sales acknowledgements, and invoices etc. If any mismatch of the content in any contract forms occurs between parties thereto, a dispute arises in regard with whether the contract is established, how the contract is confirmed,which is mainly called battle of forms. The traditional theory of contract sees that an offer and its acceptance are not fully accorded if any battle of forms happens,so the contract should be deemed as not being consummated. And the decision of the contract content And the confirmation of the contract content will be based on the Last-shot Rule applying the terms and conditions presented at last. In general, however, the exact match of the content of an offer and its acceptance including the background of the contract is rare, if, after entering into the contract implementation process of such a contract, when either party deems the relevant contract unfavorable to him with the disagreement out with the offer he wants to get the approval of discrepancy, thrust into a dispute in so Knock-out-Rule is imperative to recognize mitigating the Mirror-Image Rule. For the review of the resolution for the battle of forms in international sale contracts about articles, this article explored around United National Convention on Contracts for the international Sale of Goods (CISG), Principles of International Commercial Contract 2004(PICC), Principles of European Contract Law(PECL),Uniform Commercial Code(UCC), but drawing attention as a model for international contract law. Based on that, the article examined the interpretation direction of CISG accepted and effected as a domestic law, and the future revision orientation of our Civil Code. As a result, this article investigated how to resolve any dispute on battle of forms by the recognition of Knock-out Rule in a different way based on Last-shot Rule. And now even in discussing the revision of the Civil Code, the article proposed to introduce Knock-out Rule about Standard terms Contract 계약이 성립하려면 청약과 승낙은 완전하게 일치하여야 한다는 것이 대륙법계나 영미법계의 공통된 원칙이고 이를 경상의 원칙(Mirror-image Rule)이라고 한다. 그런데 오늘날상거래에서 계약이 체결되는 과정을 보면 계약당사자는 미리 준비된 매수주문서(purchase order), 매도확약서(sales acknowledgement), 송장(invoice)들 계약조건이 포함된 계약서식을 사용하여 거래하는 경우가 많다. 당사자 사이에 계약서식의 내용에 일치하지 않는 부분이 발생하는 경우에 계약의 성립여부와 계약의 내용확정과 관련한 분쟁이 발생하고 이를국제물품매매계약에서 주로 書式의 紛爭(battle of forms)이라고 한다. 전통적인 계약이론에서는 서식의 분쟁이 발생하면 청약과 승낙은 완전하게 합치하지 않은 것이므로 경상의 원칙에 따라 계약이 성립하지 않은 것으로 보아야 한다. 그리고 그 계약내용의 확정은 마지막으로 제시된 계약조건으로 하는 최후발포이론(Last-shot Rule)에의하게 된다. 그러나 일반적으로 청약과 승낙의 내용이 계약서의 이면을 포함하여 완전히일치하는 경우는 드물고, 계약이 이행과정에 들어간 이후에 당해 계약이 자기에게 불리하다고 판단될 때 청약과 승낙의 불일치를 끌어내고자 청약과 승낙의 불일치를 끌어내어 계약관계로부터 탈피하고자 하는 시도로 분쟁을 유도하는 경우도 있으므로 경상의 원칙을 완화하여 충돌제거이론(Knock-out Rule)을 인정할 필요성이 제기되고 있다. 국제간의 물품매매계약에서의 서식분쟁에 해결방법에 관한 검토를 위하여 국제물품매매계약에 관한 UN협약(United National Convention on Contracts for the international Sale of Goods: CISG) 및 국제상사계약법 원칙(Unidroit Principles of International Commercial Contract 2004: PICC)과 유럽계약법원칙(Principles of European Contract Law: PECL) 미국의 국내법이지만 국제계약법의 모델로서 주목받고 있는 미국통일상법전(Uniform Commercial Code: UCC)을 중심으로 검토해 보았다. 이를 바탕으로 국내법으로 수용되어 효력이 발생한 CISG의 해석방향과 향후 우리 민법의 개정방향을 검토하였다. 그 결과 Last-shot Rule을 기본으로 하되 다양한 방식으로Knock-out Rule을 인정하여 서식분쟁을 해결하는 방법을 검토하였다. 그리고 현재 논의되는 민법의 개정에 있어서도 약관을 사용한 계약에서 서식분쟁에 관하여 Knock-out Rule 을 도입하는 방안을 제시하였다.

KIKO사건의 약관규제법상 쟁점에 관한 고찰 - KIKO(키코) 사건에 관한 대법원 전원합의체 판결을 소재로

조재광 ( Cho Jae-kwang ),최종헌 ( Choi Jong-heon ) 경희대학교 법학연구소 2016 KHU 글로벌 기업법무 리뷰 Vol.9 No.2

KIKO는 Knock-in, Knock out의 약자이다. Knock-in은 은행이 콜옵션을 행사할 수 있다는 의미이며, knock-out은 기업의 풋옵션 행사할 권리가 소멸된다는 뜻이다. 키코 통화옵션계약은 초기 비용 없이 쉽게 이용할 수 있어 많은 중소기업들이 키코 통화옵션 계약을 이용하였다. 그런데 세계적 금융위기로 인하여 환율이 급등하여, 대부분의 키코 통화옵션계약을 한 중소기업들은 막대한 손실을 입었고, 이에 은행들을 상대로 소송을 제기하였다. 그러나 대법원은 모두 위 키코계약들의 효력을 인정하였다. 대법원의 소송에서는 키코 통화옵션계약의 약관성 여부, 불공정성 여부, 적합성 원칙위반여부, 설명의무 위반 여부가 쟁점이 되었다. 대법원은 키코계약의 약관성을 부정하였고, 적합성의 원칙이 적용되며, 설명의무가 인정된다고 판단하였으나, KIKO계약의 유효성을 인정하였다. 그러나, KIKO계약은 누군가에게 과도한 위험을 지우고, 또 그런 위험이 현실화 되었다면 그러한 계약의 적합성에 대한 재고가 필요하며, 은행들의 적극적인 설명의무가 인정 되어야 한다. 이러한 점은 위 KIKO계약을 약관으로 편입하는 해석을 통해 이루어질 수 있다. This paper deals with issues regarding the Korean Currency Option Product, Knock-in Knock-Out(“KIKO”) Contract. KIKO was more attractive than any other foreign exchange hedge instrument. because, it requires no premiun than than future prices and it secures higher strike price. But, losees were unexpectedly accelerated by the global financial crisis. Most of exporting companies, which had lossed by KIKO filed law suits against the banks which sold KIKO. But the Supreme Court made four decisions in favor of banks. The main issues of the Supreme Court were 1) wheter KIKO was standard terms and conditions, 2) wheter KIKO was fair contract, 3) whether the banks explainde sufficiently KIKO. The Supreme Court ruled that KIKO was fair and was not standard terms and conditions and the banks haver sufficiently explained KIKO. This paper argues that while whether “termination of the contract” is possible or not should be explained under the KCMA, it`s not the duty of banks to explain the early termination amount. This paper argues, however, if the banks recommend the KIKO contract, they should explain more specific information about possibility of losses compensate the loss of the plaintiffs.

KIKO사건의 약관규제법상 쟁점에 관한 고찰

조재광(Cho, Jae-Kwang)최종헌(Choi, Jong-Heon) 경희법학연구소 2016 KHU 글로벌 기업법무 리뷰 Vol.9 No.2

KIKO는 Knock-in, Knock out의 약자이다. Knock-in은 은행이 콜옵션을 행사할 수 있다는 의미이며, knock-out은 기업의 풋옵션 행사할 권리가 소멸된다는 뜻이다. 키코 통화옵션계약은 초기 비용 없이 쉽게 이용할 수 있어 많은 중소기업들이 키코 통화옵션 계약을 이용하였다. 그런데 세계적 금융위기로 인하여 환율이 급등하여, 대부분의 키코 통화옵션계약을 한 중소기업들은 막대한 손실을 입었고, 이에 은행들을 상대로 소송을 제기하였다. 그러나 대법원은 모두 위 키코계약들의 효력을 인정하였다. 대법원의 소송에서는 키코 통화옵션계약의 약관성 여부, 불공정성 여부, 적합성 원칙 위반여부, 설명의무 위반 여부가 쟁점이 되었다. 대법원은 키코계약의 약관성을 부정하였고, 적합성의 원칙이 적용되며, 설명의무가 인정된다고 판단하였으나, KIKO계약의 유효성을 인정하였다. 그러나, KIKO계약은 누군가에게 과도한 위험을 지우고, 또 그런 위험이 현실화 되었다면 그러한 계약의 적합성에 대한 재고가 필요하며, 은행들의 적극적인 설명의무가 인정 되어야 한다. 이러한 점은 위 KIKO계약을 약관으로 편입하는 해석을 통해 이루어질 수 있다. This paper deals with issues regarding the Korean Currency Option Product, Knock-in Knock-Out(“KIKO”) Contract. KIKO was more attractive than any other foreign exchange hedge instrument. because, it requires no premiun than than future prices and it secures higher strike price. But, losees were unexpectedly accelerated by the global financial crisis. Most of exporting companies, which had lossed by KIKO filed law suits against the banks which sold KIKO. But the Supreme Court made four decisions in favor of banks. The main issues of the Supreme Court were 1) wheter KIKO was standard terms and conditions, 2) wheter KIKO was fair contract, 3) whether the banks explainde sufficiently KIKO. The Supreme Court ruled that KIKO was fair and was not standard terms and conditions and the banks haver sufficiently explained KIKO. This paper argues that while whether “termination of the contract” is possible or not should be explained under the KCMA, it’s not the duty of banks to explain the early termination amount. This paper argues, however, if the banks recommend the KIKO contract, they should explain more specific information about possibility of losses compensate the loss of the plaintiffs.

키코(KIKO) 통화옵션계약에 대한 최근 대법원 판결의 고찰 : 대법원 2013. 9. 26. 선고 4건의 판결

김상만(Kim, Sang-Man) 숭실대학교 법학연구소 2014 法學論叢 Vol.31 No.-

우리나라는 2011년부터 3 년 연속 무역규모 1조달러를 달성하였으며, 2013년에는 수출 및 무역수지 흑자규모가 사상 최고치를 경신하였다. 2013년 12월 5일 제50회 무역의 날을 맞이하여 정부는 2020년에 무역규모 2조달러 및 세계무역 5강을 달성한다는 새로운 목표로 발표하였다. 통상 무역거래에서는 미달러화, 유로화 등의 외화로 계약을 체결하므로 무역기업들은 환위험에 노출되는데, 신용방식(외상방식)으로 수출하는 경우 환위험은 증가하게 된다. 특히 중소기업의 경우 환위험에 대한 적절한 대응이 부족하여 환위험 헤지(hedge)에 어려움이 많다. 수출기업의 환위험 헤지수단으로는 선물환, 통회옵션, 통화스왑, 키코(KIKO), 환변동보험, 리딩 및 래깅(leading & lagging) 등의 여러 가지 방법이 있다. “키코(KIKO)”는 “knock-in, knock-out”의 영문 첫 글자에서 나온 용어인데, “knock-in”은 은행의 콜옵션의 효력이 발생한다는 의미이고, knock-out은 기업의 풋옵션의 효력이 소멸된다는 의미이다. 키코 통화옵션계약은 초기 비용 없이 쉽게 이용할 수 있어 많은 중소기업들이 키코 통화옵션계약을 이용하였다. 그런데 미국발 금융위기로 인하여 2008년 환율이 급등하게 되자 대부분의 키코 통화옵션계약의 구매기업들은 막대한 손실을 입었고, 키코로 인하여 손실을 입은 기업들은 은행들을 상대로 키코 통화옵션계약의 무효 소송을 제기하였다. 그러나 기업들의 기대와는 달리 대부분의 하급심 판결에서 법원은 키코 통화옵션계약의 유효성을 인정하였다. 2013 년 9월 26일에 최초로 대법원에서는 키코 통화옵션계약 4건에 대한 판결을 하였는데, 이 4건의 판결에서도 모두 원심 판결을 유지하며 키코 통화옵션계약의 효력을 인정하였다. 소송에서는 키코 통화옵션계약의 불공정성 여부, 키코 통화옵션계약의 약관성 여부, 키코통화옵션계약의 제로 코스트(zero cost) 및 기망 여부, 적합성 원칙 위반 여부, 설명의무 위반 여부 등이 쟁점이 되었다. 대법원에서는 키코는 제로 코스토로 기업과 은행의 기대이익이 대등하도록 구조화되어 있고, 키코 통화옵션계약은 개별적인 교섭이 가능하고 그 계약내용을 변경할 수 있어 “약관성”을 부정하였다. 그리고 키코 통화옵션계약에서도 적합성의 원칙이 적용된다고 판단하였으며, 고객이 장외파생상품에 대하여 이미 잘 알고 있는 경우가 아닌 이상, 설명의무가 있다고 판단하였다. 은행의 일정한 판매수익은 충분히 예상할 수 있어 제로 코스트어 불공정한 모두 은행의 주장을 인정하였다. KIKO(Knock-in Knock-out) currency option which is a kind of NDF (non deliverable fund), was introduced as a hedge instrument against foreign exchange risk. KIKO may be more attractive than the futures and the currency option in that it secures higher strike price and that it requires no premium than the future prices. KIKO may be more beneficial than other foreign exchange hedge instruments when the foreign exchange rates fluctuate within the barriers designated in KIKO currency option contract. Unexpectedly, KIKO, however, incurred huge losses to numerous exporting companies, especially to small and medium sized enterprises (SMEs). The losses were accelera ted by the global financial crisis and abrupt depreciation of Korean Won in 2008. 776 compames were aggrieved by KIKO and the amount of losses incurred by KIKO was estimated to exceed three trillion Won. Many exporting companies, mostly SMEs which suffered losses by KIKO filed law suits against the banks which sold KIKO. Most of the lower courts made decisions in favor of the banks. On September 26, 2013, the Supreme Court made its first four decisions upholding the lower court’s decisions. The main issues is 1) whether KIKO was fair cont ract 2) whether KIKO contract was “standard terms and conditions” 3) whether KIKO was a zero-cost instrument 4) whether KIKO was suitable for foreign exchange hedge instrument 5) whether the banks explained sufficiently KIKO. The Supreme Court ruled that KIKO was fair contract, and that KIKO contract was not “standard terms and conditions”. The Supreme Court also ruled that KIKO was a zero-cost instrument, and that KIKO was suitable for foreign exchange hedge instrument. The Supreme Court ruled that the banks should have sufficiently explained KIKO.

Recent Progress in Biotechnology-based Gene Manipulating Systems to Produce Knock-In/Out Mouse Models

Lee, Woon Kyu,Park, Joong Jean,Cha, Seok Ho,Yun, Cheol-Heui Asian Australasian Association of Animal Productio 2008 Animal Bioscience Vol.21 No.5

Gene-manipulated mice were discovered for the first time about a quarter century ago. Since then, numerous sophisticated technologies have been developed and applied to answer key questions about the fundamental roles of the genes of interest. Functional genomics can be characterized into gain-of-function and loss-of-function, which are called transgenic and knock-out studies, respectively. To make transgenic mice, the most widely used technique is the microinjection of transgene-containing vectors into the embryonic pronucleus. However, there are critical drawbacks: namely position effects, integration of unknown copies of a foreign gene, and instability of the foreign DNA within the host genome. To overcome these problems, the ROSA26 locus was used for the knock-in site of a transgene. Usage of this locus is discussed for the gain of function study as well as for several brilliant approaches such as conditional/inducible transgenic system, reproducible/inducible knockdown system, specific cell ablation by Cre-mediated expression of DTA, Cre-ERTM mice as a useful tool for temporal gene regulation, MORE mice as a germ line delete and site specific recombinase system. Techniques to make null mutant mice include complicated steps: vector design and construction, colony selection of embryonic stem (ES) cells, production of chimera mice, confirmation of germ line transmission, and so forth. It is tedious and labor intensive work and difficult to approach. Thus, it is not readily accessible by most researchers. In order to overcome such limitations, technical breakthroughs such as reporter knock-in and gene knock-out system, production of homozygous mutant ES cells from a single targeting vector, and production of mutant mice from tetraploid embryos are developed. With these upcoming progresses, it is important to consider how we could develop these systems further and expand to other animal models such as pigs and monkeys that have more physiological similarities to humans.

Risk Management Lessons from ‘Knock-in Knock-out’ Option Disaster

서상원,길재욱 한국증권학회 2010 Asia-Pacific Journal of Financial Studies Vol.39 No.1

Currency knock-in knock-out (KIKO) options had been widely used for hedging exchange rate risks in Korean financial markets. However, as the Korean won moved in an unexpected direction during the global financial crisis period of 2007 and 2008, the hedging instruments incurred huge losses to the option holders. In this paper, we analyze the event from the viewpoint of risk assessment and management. We find that, first, if the option holders had assessed the risk levels with and without the KIKO options by using standard risk measures like value-at-risk or conditional value-at-risk, then many KIKO option contracts would not have been justifiable from the beginning. Second, having a proper view on the exchange rate dynamics turned out to be crucial for risk assessment and management. If the companies had a proper view instead of a myopic view on the exchange rate movement, then the KIKO options might not have been chosen. Finally, ‘'hedge-and-forget’' behavior proved to be very costly and reckless. If the companies had continuously assessed and managed their risks, then the losses from the KIKO options could have been significantly mitigated. Some relevant pricing issues are also investigated. We find that most KIKO option contracts under study might not be significantly overpriced. However, potential impacts of the possible mispricing could be considerable in some cases. Nonetheless, the risk management failure proved to be more important for the KIKO option losses than the possible mispricing problem.